Power Construction of China unit to redeem $500 million perpetuals

By Mary-Katherine Stinson

Lexington, Ky., April 26 – Power Construction Corp. of China subsidiary DianJian Haiyu Ltd. issued a redemption notice for all its $500 million 4.3% senior guaranteed perpetual securities, according to an announcement.

The guaranteed perpetuals, issued June 6, 2019 under the companies’ $2.5 billion medium-term note and senior perpetual securities program, will be redeemed on the first call date of June 20.

The securities will be redeemed at their principal amount plus any distribution accrued to the first call date, including any arrears of distribution and any additional distribution amount.

The securities will be canceled and delisted after redemption.

Power Construction is a Beijing-based contracting, investment and real estate development company.

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