By Marisa Wong
Morgantown, W.Va., March 4 – Powerlong Real Estate Holdings Ltd. said its wholly owned subsidiary, Shanghai Powerlong Industrial Development Co., Ltd., has fixed the coupon rate for its previously announced five-year bonds at 6%.
The company has also set the total issue size at RMB 500 million.
On Wednesday, the company said it planned to offer up to RMB 500 million of bonds with an upsize option of RMB 800 million additional bonds.
The coupon rate was expected to be between 5% and 6%. The final rate was determined through a book-building exercise.
Tianfeng Securities Co., Ltd. is the lead underwriter with Guotai Junan Securities Co. Ltd. as joint lead underwriter.
This is the company’s second tranche of corporate bonds. The company had obtained approval from the China Securities Regulatory Commission to offer up to RMB 4 billion of corporate bonds. In January the company issued RMB 2.7 billion of 6.2% five-year first-tranche bonds.
Powerlong is a Hong Kong-based real estate company.
| Issuer: | Shanghai Powerlong Industrial Development Co., Ltd.
|
| Issue: | Corporate bonds, second tranche
|
| Amount: | RMB 500 million
|
| Maturity: | Five years
|
| Coupon: | 6%
|
| Underwriters: | Tianfeng Securities Co., Ltd. (lead), Guotai Junan Securities Co. Ltd. (joint lead)
|
| Price talk: | 5%-6%
|
| Announcement date: | March 2
|
| Pricing date: | March 4
|
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