China Everbright Water readies third tranche of medium-term notes

By Mary-Katherine Stinson

Lexington, Ky., Aug. 17 – China Everbright Water Ltd. is preparing to issue its third tranche of medium-term notes for 2023, according to an announcement on Thursday.

As with the first and second tranches, the proposed third tranche will be issued in a principal amount between RMB 1 billion and RMB 1.5 billion with a maturity of five years, subject to market conditions.

Likewise, the notes will have an interest rate adjustment at the company’s option and a resale option exercisable at the end of the third interest-bearing year.

It is expected that the notes will be issued Aug. 21 and Aug. 22, with additional details announced around Aug. 23 at the completion of the issue.

The third tranche of the medium-term notes has been rated AAA by the Shanghai Brilliance Credit Rating & Investors Service Co., Ltd.

Proceeds will be used to replenish the working capital of the company’s subsidiaries.

As previously reported, the company was approved by the National Association of Financial Market Institutional Investors of the People’s Republic of China to issue up to RMB 5 billion of medium-term notes in tranches with tenors not to exceed five years. The first tranche was issued April 17 for RMB 1 billion. The second tranche was issued July 17 for RMB 1.5 billion.

China Everbright Water, formerly HanKore Environment Tech Group Ltd., is a Beijing-based company that invests and operates in the water environment sector.

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