By Marisa Wong
Morgantown, W.Va., March 9 – Dongjiang Environmental Co. Ltd. has set the issue size of its first tranche green corporate bonds at RMB 600 million and the coupon rate at 4.9%, according to a company announcement.
The coupon was talked at 4% to 5.3%. The company and underwriter Guangfa Securities Co., Ltd. conducted an offline bookbuilding Thursday.
The base issue size was RMB 300 million, with an up to RMB 700 million over-allotment option, as previously announced.
The bonds will be issued at par.
The fixed-rate bonds have a term of three years. After the end of the second year, the company may increase the coupon rate and the bonds will be putable.
In December the company announced it obtained regulatory approval to issue up to RMB 1 billion of green corporate bonds in tranches with maturities of up to five years.
Proceeds will be used for investment and operation of green projects and to repay bank loans related to green projects, as previously noted.
Based in Shenzhen, China, Dongjiang Environmental treats industrial and municipal waste.
| Issuer: | Dongjiang Environmental Co. Ltd.
|
| Issue: | Green corporate bonds, first tranche
|
| Amount: | RMB 600 million
|
| Maturity: | Three years
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| Underwriter: | Guangfa Securities Co., Ltd.
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| Coupon: | 4.9%, may be increased after the end of the second year
|
| Price: | Par
|
| Put option: | After the end of the second year
|
| Pricing date: | March 9
|
| Price talk: | 4%-5.3%
|
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