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China’s Yuzhou Properties to offer up to RMB 3 billion 4½%-6% bonds
By Marisa Wong
Morgantown, W.Va., Dec. 2 – Yuzhou Properties Co. Ltd. said it plans to issue RMB 2 billion of five-year corporate bonds, with an upsize option of up to RMB 3 billion, through indirect wholly owned subsidiary Xiamen Yuzhou Grand Future Real Estate Development Co. Ltd.
The company expects to issue the bonds at par on Dec. 7, according to a company announcement.
The indicative coupon rate of these first tranche bonds is between 4½% and 6%. The coupon will be set on or around Dec. 4 through a bookbuilding process.
Dongzin Securities Co., Ltd. is the lead underwriter, and China Merchants Securities Co., Ltd. and BOC International (China) Ltd. are the joint underwriters.
The issuer will have the option to increase the coupon rate at the end of the third year, at which time the bonds will also be putable.
As previously announced, the company received approval for up to RMB 3 billion of domestic corporate bonds from the China Securities Regulatory Commission on Nov. 11.
Proceeds will be used to repay debt and for general working capital.
Golden Credit Rating International Co., Ltd. has assigned a rating of AA to the bonds.
Yuzhou is a property developer based in Hong Kong.
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