By Marisa Wong
Madison, Wis., June 7 - PICC Property and Casualty Co. Ltd. announced it issued RMB 5 billion of 10-year subordinated term debt.
The interest rate will equal 5.38% for the first five years. At the end of the fifth year, PICC has the right to redeem the securities. If the company does not exercise the call option, the interest rate will be 7.38% for the last five years.
Proceeds will be used for raising the company's solvency margin.
The offer was first announced on Feb. 24, and the issue was approved at a general meeting on April 15.
The Beijing-based group's principal activities are the underwriting of vehicle, commercial, homeowners, cargo and liability insurance.
| Issuer: | PICC Property and Casualty Co. Ltd.
|
| Issue: | Subordinated term debt
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| Amount: | RMB 5 billion
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| Maturity: | 10 years
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| Coupon: | 5.38% for first five years, then 7.38%
|
| Call option: | At the end of the fifth year
|
| Announcement dates: | Feb. 24, June 7
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