New York, Jan. 27 – ZTE Corp. priced RMB 6 billion of perpetual medium-term notes with an initial interest rate of 5.81%, according to a company announcement.
The coupon will reset every five years.
ZTE sold the notes at par of RMB 100 as the first tranche under the RMB 9 billion authorized on Oct. 15.
China Merchants Bank Co. Ltd. was the lead underwriter.
Proceeds from the notes will be used to repay bank loans and to provide working capital.
ZTE is a telecommunications equipment and systems company based in Shenzhen, China.
| Issuer: | ZTE Corp.
|
| Issue: | Tranche 1 medium-term notes
|
| Amount: | RMB 6 billion
|
| Maturity: | Perpetual
|
| Lead manager: | China Merchants Bank Co. Ltd.
|
| Coupon: | 5.81% for first five years, resets every five years
|
| Price: | Par of RMB 100
|
| Settlement date: | Jan. 27
|
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