By Susanna Moon
Chicago, Jan. 18 – Midea Real Estate Holding Ltd. said indirect wholly owned subsidiary Midea Real Estate Group Co. Ltd. sold RMB 1 billion of 7% three-year corporate bonds.
The public offering was the second tranche of the company’s plans to sell RMB 3 billion of notes to qualified public investors, approved on Sept. 28, according to a company announcement.
The company said it issued the first tranche on Sept. 17 for RMB 1 billion principal amount of 7˝% notes due September 2021.
Shengang Securities Co., Ltd. is the lead underwriter for the second tranche.
The coupon for the second tranche was determined through a bookbuilding exercise.
At the end of the second year, the issuer has the option to adjust the coupon and investors may exercise their option to put the notes.
Proceeds will be used for repayment of the issuer’s interest-bearing debt.
Midea operates as a holding company based in Foshan, China, and provides property management, property sales, property development and other services.
| Issuer: | Midea Real Estate Group Co. Ltd.
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| Issue: | Corporate bonds
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| Amount: | RMB 1 billion
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| Maturity: | Three years
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| Underwriter: | Shengang Securities Co., Ltd.
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| Coupon: | 7%, with option to adjust at end of second year
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| Put option: | At end of second year
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| Announcement date: | Jan. 18
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