By Marisa Wong
Madison, Wis., March 10 - Tianneng Power International Ltd. announced that wholly owned subsidiary Tianneng Battery Group completed its issuance of corporate bonds totaling RMB 400 million on Monday.
The five-year bonds have a fixed coupon of 7.31% for the first three years. After that, the issuer has the option to increase the coupon by up to 100 basis points.
New Times Securities Co. Ltd. was the underwriter.
Proceeds from Tianneng Battery's first tranche of corporate bonds will be used for investments in business projects, including the construction of lead acid batteries production bases, as noted before.
The subsidiary has been approved to issue a total of RMB 800 million of corporate bonds in multiple tranches. The company previously said it intends to issue the remaining RMB 400 million as market conditions and the company's needs dictate.
Pengyuan Credit Rating Co., Ltd. has rated the corporate bonds AA+.
The Hong Kong-based company makes battery products for electric vehicles.
| Issuer: | Tianneng Battery Group
|
| Issue: | Corporate bonds, first tranche
|
| Amount: | RMB 400 million
|
| Maturity: | Five years
|
| Coupon: | Fixed at 7.31% for first three years; after that, coupon may be increased by up to 100 bps
|
| Underwriter: | New Times Securities Co. Ltd.
|
| Announcement date: | March 7
|
| Settlement date: | March 10
|
| Rating: | Pengyuan Credit Rating: AA+
|
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