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China’s Longfor sets talk for RMB 4 billion bonds at 2.8%-3.8%, 3%-4%
By Marisa Wong
Morgantown, W.Va., March 1 – Longfor Properties Co. Ltd. said it is offering an initial RMB 2 billion of domestic corporate bonds with an up to RMB 2 billion over-allotment option.
Indirect subsidiary Chongqing Longhu Development Co. Ltd. will issue the bonds on Friday and Monday, according to a company announcement.
The company will issue six-year and 10-year bonds with coupons talked at 2.8% to 3.8% and 3% to 4%, respectively. The final rates will be set on Thursday based on a bookbuilding.
The issuer may adjust the coupon rate at the end of the third year for the six-year bonds and at the end of the fifth year for the 10-year bonds.
Investors will have a put option on the coupon reset dates.
The company will use proceeds to adjust its debt structure and replenish working capital.
China Chengxin Securities Rating Co. Ltd. has assigned a rating of AAA to the bonds.
Longfor is a Beijing investment holding company.
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