By William Gullotti
Buffalo, N.Y., June 12 – Towngas Smart Energy Co., Ltd. (TCCL) announced that wholly owned subsidiary TCCL (Finance) Ltd. completed issuing RMB 1.5 billion of 3.27% panda bonds in China’s interbank market on Monday, according to a notice.
As previously reported, the approval and the registration notice to issue up to RMB 15 billion of the bonds in tranches, effective for two years after approval, were received on Feb. 22.
The subsidiary acted as issuer, with the parent company acting as guarantor.
Further details, such as the amounts allocated to the sustainability-linked medium-term note and the commercial paper portions of the 2023 tranche 1 bond issuance and related maturity dates, were not included in the notice.
The issuer is a special purpose financing subsidiary of TCCL. Previously known as Towngas China Co., Ltd. when it established the medium-term note program in June 2021, the guarantor is a China-based city-gas investor and operator listed in Hong Kong.
| Issuer: | TCCL (Finance) Ltd.
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| Guarantor: | Towngas Smart Energy Co., Ltd.
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| Amount: | RMB 1.5 billion
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| Issue: | Panda bonds, 2023 Tranche 1
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| Coupon: | 3.27% average
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| Issue date: | June 12
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