By Marisa Wong
Morgantown, W.Va., Aug. 24 – Powerlong Real Estate Holdings Ltd. said its wholly owned subsidiary, Shanghai Powerlong Industrial Development Co., Ltd., will issue RMB 800 million of 5¼% five-year bonds.
The company had proposed to issue up to RMB 400 million of bonds with an upsize option of RMB 400 million. The coupon was expected to be between 4.8% and 6%. Pricing was determined through a book-building process on Tuesday.
Tianfeng Securities Co., Ltd. is the lead underwriter, with Guotai Junan Securities Co. Ltd. as joint lead underwriter.
This is the company’s third tranche of corporate bonds. In January 2016 the company issued RMB 2.7 billion of 6.2% five-year first-tranche bonds, and in March the company sold RMB 500 million of 6% five-year second-tranche bonds.
Powerlong is a Hong Kong-based real estate company.
| Issuer: | Shanghai Powerlong Industrial Development Co., Ltd.
|
| Issue: | Corporate bonds, third tranche
|
| Amount: | RMB 800 million
|
| Maturity: | Five years
|
| Underwriters: | Tianfeng Securities Co., Ltd. (lead), Guotai Junan Securities Co. Ltd. (joint lead)
|
| Coupon: | 5¼%
|
| Announcement date: | Aug. 19
|
| Pricing date: | Aug. 23
|
| Price talk: | 4.8%-6%
|
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