By Angela McDaniels
Tacoma, Wash., April 29 – Modern Land (China) Co., Ltd. issued RMB 1 billion of 6.4% five-year domestic corporate bonds through indirect wholly owned subsidiary Modern Green Development Co., Ltd., according to a company announcement.
Guotai Junan Securities Co. Ltd. was the lead underwriter.
At the end of the third year, the issuer may adjust the coupon or redeem the bonds and the investors may put back the bonds.
Proceeds will be used to repay loans and to replenish working capital.
United Credit Ratings Co., Ltd. assigned an AA rating to the bonds.
The property developer is based in Beijing.
| Issuer: | Modern Green Development Co., Ltd.
|
| Amount: | RMB 1 billion
|
| Tenor: | Five years
|
| Description: | Domestic corporate bonds
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| Lead underwriter: | Guotai Junan Securities Co. Ltd.
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| Coupon: | 6.4%; adjustable by issuer at end of year three
|
| Price: | Par
|
| Call option: | At end of year three
|
| Put option: | At end of year three
|
| Settlement date: | April 29
|
| Distribution: | Regulation S
|
| Rating: | United Credit Ratings Co., Ltd.: AA
|
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