China’s Future Land Development plans RMB 3 billion five-year bonds

By Marisa Wong

Morgantown, W.Va., Oct. 28 – Future Land Development Holdings Ltd.’s wholly owned subsidiary, Future Land Holdings Co., Ltd., is planning to issue up to RMB 3 billion of domestic corporate bonds, according to a company announcement.

Citic Securities Co., Ltd. will act as lead underwriter and Morgan Stanley Huaxin Securities Co., Ltd. and China Securities Co., Ltd. will act as joint lead underwriters.

The issuer plans to issue the bonds in stages, initially in the principal amount of RMB 2 billion with an up to RMB 1 billion over-allotment option.

Pricing will be determined through a bookbuilding process.

The five-year bonds will be putable at the end of the third year, at which time the issuer may choose to adjust the coupon.

Proceeds will be used to adjust the company’s debt structure and to replenish cash.

The China Securities Regulatory Commission approved the company’s application for the proposed bonds on Wednesday.

Future Land is a Hong Kong-based real estate operator and developer.

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