By Marisa Wong
Los Angeles, Sept. 3 – China Aoyuan Group Ltd. announced that wholly owned subsidiary Aoyuan Corp. (Group) Ltd. priced RMB 1.5 billion of four-year bonds with an initial coupon of 6.8% following a book-building exercise completed on Aug. 30.
After two years, the issuer will have the option to adjust the coupon rate. Holders will also be able to put the bonds at that time.
Proceeds will be used to refinance existing debt.
The company had obtained regulatory approval to issue up to RMB 4.2 billion of bonds.
China Aoyuan is an investment holding company based in Guangzhou, China.
| Issuer: | Aoyuan Corp. (Group) Ltd.
|
| Issue: | Domestic corporate bonds
|
| Amount: | RMB 1.5 billion
|
| Maturity: | Four years
|
| Coupon: | 6.8%, may be adjusted at end of second year
|
| Put option: | At end of second year
|
| Pricing date: | Aug. 30
|
| Announcement date: | Sept. 2
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