By Marisa Wong
Morgantown, W.Va., Dec. 23 – Guorui Properties Ltd. said it issued RMB 1 billion of 7.47% five-year bonds at par.
The total issue amount includes an upsize option of RMB 500 million.
Citic Securities Co., Ltd. is the lead underwriter.
The coupon was talked at 5% to 7½% and was fixed at 7.47% on Monday following a bookbuilding process.
After three years, the issuer will have an option to adjust the coupon and holders will have a put option.
The company previously proposed to issue up to RMB 3 billion of domestic corporate bonds. In November, the company issued the first tranche, totaling RMB 2 billion.
Proceeds will be used to repay bank loans and to replenish general working capital.
The property developer is based in Beijing.
| Issuer: | Guorui Properties Ltd.
|
| Issue: | Domestic bonds
|
| Amount: | RMB 1 billion
|
| Maturity: | Five years
|
| Underwriter: | Citic Securities Co., Ltd.
|
| Coupon: | 7.47%
|
| Price: | Par
|
| Yield: | 7.47%
|
| Put option: | After three years
|
| Price talk: | 5%-7½%
|
| Settlement date: | Dec. 22
|
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