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China’s Future Land Development talks RMB 2 billion bonds at 3.5%-5%
By Angela McDaniels
Tacoma, Wash., Oct. 29 – Future Land Development Holdings Ltd. set an indicative coupon range of 3.5% to 5% for its upcoming RMB 2 billion of five-year domestic corporate bonds, according to a company announcement.
As previously reported, the bonds will be issued through wholly owned subsidiary Future Land Holdings Co., Ltd.
There is an over-allotment option for RMB 1 billion.
Citic Securities Co., Ltd. is the lead underwriter, and Morgan Stanley Huaxin Securities Co., Ltd. and China Securities Co., Ltd. are the joint lead underwriters.
The 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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