By William Gullotti
Buffalo, N.Y., June 2 – China Aircraft Leasing Group Holdings Ltd., via subsidiary China Asset Leasing Co., Ltd., issued RMB 1.5 billion of 3.85% three-year corporate bonds (Dagong: AAA), according to a company announcement on Friday.
The issuance was 2.83 times oversubscribed, with subscription coming from the PRC market. According to the announcement, the company previously received approval to issue up to RMB 2 billion for a period of 24 months.
China Securities Co., Ltd. was the lead underwriter, bookrunner and trustee. Haitong Securities, Huatai United Securities and Ping An Securities also acted as joint lead underwriters.
The issue was approved by and will be listed on the Shanghai Stock Exchange.
Proceeds will be used in the low-carbon transition field to purchase new aircraft with high fuel efficiency and to upgrade and replace of aged aircraft. Proceeds will also be used to repay interest-bearing debt from aged aircraft purchases and to supplement working capital.
The aircraft leasing company is based in Hong Kong.
| Issuer: | China Asset Leasing Co. Ltd.
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| Amount: | RMB 1.5 billion
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| Issue: | Corporate bonds, first tranche, low-carbon transition
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| Tenor: | Three years
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| Underwriters: | China Securities Co., Ltd. (lead), Haitong Securities, Huatai United Securities and Ping An Securities
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| Trustee: | China Securities Co., Ltd.
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| Coupon: | 3.85%
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| Settlement date: | June 2
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| Rating: | Dagong: AAA
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