By Wendy Van Sickle
Columbus, Ohio, Dec. 9 – Yuzhou Properties Co. Ltd. sold RMB 3 billion of five-year 5.1% corporate bonds, according to a notice.
The notes were issued on Wednesday through indirect wholly owned subsidiary Xiamen Yuzhou Grand Future Real Estate Development Co. Ltd.
The coupon rate of this first tranche of the bonds was set through a bookbuilding process.
As previously reported, 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.
Dongxin Securities Co., Ltd. was the lead underwriter with China Merchants Securities Co., Ltd. and BOC International (China) Ltd. as joint underwriters.
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.
Issuer: | Xiamen Yuzhou Grand Future Real Estate Development Co. Ltd.
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Issue: | Corporate bonds
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Amount: | RMB 3 billion
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Maturity: | Five years
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Coupon: | 5.1%, may be increased at end of third year
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Put option: | At end of third year
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Underwriters: | Dongxin Securities Co., Ltd. (lead); China Merchants Securities Co., Ltd. and BOC International (China) Ltd. (joint)
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Settlement date: | Dec. 9
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Rating: | Golden Credit Rating International Co., Ltd.: AA
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