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China’s Longfor to issue up to RMB 5 billion 3.3%, 3.68% bonds
By Marisa Wong
Morgantown, W.Va., Jan. 25 – Longfor Properties Co. Ltd. said it is offering an initial RMB 2.5 billion of domestic corporate bonds with an up to RMB 2.5 billion over-allotment option.
Indirect subsidiary Chongqing Longhu Development Co. Ltd. will issue the bonds on Monday and Tuesday, according to a company announcement.
The company will issue 3.3% five-year bonds and 3.68% eight-year bonds. The issuer may adjust the coupon rate at the end of the third year and at the end of the fifth year, respectively.
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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