China’s Yuexiu Transport sets 2.85%, 3.38% coupons for upcoming bonds

By Marisa Wong

Morgantown, W.Va., March 21 – Yuexiu Transport Infrastructure Ltd. announced it will offer RMB 500 million of bonds with an up to RMB 500 million over-allotment option.

The company plans to issue 2.85% five-year bonds and 3.38% seven-year bonds.

The coupon rate may be adjusted at the end of the third year for the five-year bonds and at the end of the fifth year for the seven-year bonds.

Investors will also have a put option at the end of the third and fifth year, respectively.

Proceeds will be used to repay bank loans and to replenish working capital.

The company had announced last week that the China Securities Regulatory Commission approved the public issue of corporate bonds totaling up to RMB 1 billion.

China Chengxin Credit Rating Co., Ltd. has assigned a rating of AAA to the bonds.

Based in Hong Kong, Yuexiu Transport Infrastructure operates and manages toll highways, expressways and bridges in China.

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