By Marisa Wong
Morgantown, W.Va., Sept. 29 – Yuexiu Property Co. Ltd. said its 95% owned subsidiary, Guangzhou City Construction & Development Co. Ltd., issued its third tranche of corporate bonds totaling RMB 2 billion on Wednesday.
The issue consists of RMB 1.5 billion of 2.95% five-year bonds and RMB 500 million of 3.15% seven-year bonds. The coupons were set on Monday following a bookbuilding.
As previously announced, the five-year bonds have a coupon adjustment option, a call option and a put option at the end of three years, and the seven-year bonds have a coupon adjustment option, a call option and a put option at the end of five years.
In July the China Securities Regulatory Commission approved the public issue of guaranteed interest-bearing corporate bonds totaling up to RMB 8 billion. The company first proposed the bonds in May and named Guangzhou Securities Co., Ltd. and Jiuzhou Securities Co., Ltd. as the joint lead underwriters.
In August the company issued its first tranche, consisting of RMB 1 billion of 2.95% three-year bonds and RMB 2 billion of 3% five-year bonds. Earlier this month the company issued its second tranche, RMB 2.5 billion of 2.97% six-year bonds and RMB 500 million of 3.19% five-year bonds.
Proceeds from the third tranche will be used to repay bank loans and to replenish liquid capital.
Yuexiu is a property developer based in Hong Kong.
| Issuer: | Guangzhou City Construction & Development Co. Ltd.
|
| Issue: | Corporate bonds, third tranche
|
| Amount: | RMB 2 billion
|
| Underwriters: | Guangzhou Securities Co., Ltd. and Jiuzhou Securities Co., Ltd.
|
| Settlement date: | Sept. 28
|
|
|
| Five-year bonds
|
| Amount: | RMB 1.5 billion
|
| Maturity: | Five years
|
| Coupon: | 2.95%, may be adjusted at end of third year
|
| Call option: | At end of third year
|
| Put option: | At end of third year
|
|
|
| Seven-year bonds
|
| Amount: | RMB 500 million
|
| Maturity: | Seven years
|
| Coupon: | 3.15%, may be adjusted at end of fifth year
|
| Call option: | At end of fifth year
|
| Put option: | At end of fifth year
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
