China's PICC to redeem in full subordinated debt on Jan. 13

By Marisa Wong

Madison, Wis., Dec. 12 - The People's Insurance Co. (Group) of China Ltd. announced it plans to redeem in full its subordinated fixed-term debt on Jan. 13.

The company issued the 10-year subordinated debt in January 2009 with a call option five years after issuance.

The redemption will be funded with cash.

The Beijing-based insurance company said it believes the redemption will help reduce financial costs and will not adversely impact its daily operation and cash flow.

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