China Galaxy plans up to RMB 15 billion perpetual subordinated bonds

By Sarah Lizee

Olympia, Wash., April 27 – China Galaxy Securities Co., Ltd. plans to issue up to RMB 15 billion of perpetual subordinated bonds, according to a notice.

The bonds may be issued in tranches.

The issuer may have the option to redeem or renew the bonds.

The coupon rate may be a fixed or floating rate. The coupon will be determined according to market conditions.

Proceeds will be used for the company’s business and operation, to adjust its debt structure, repay maturing debt and replenish capital funds and working capital.

The bonds are subject to approval by shareholders at a general meeting. The resolution for the bonds will be valid for two years from the date of approval.

The brokerage is based in Beijing.

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