New York, July 21 – China Everbright Water Ltd. priced a RMB 1 billion offering of five-year bonds with a 4.55% coupon at par, according to an announcement from the company.
The coupon may be reset by the company after three years, and investors have a put option after the third year.
Everbright Securities Co. Ltd. managed the sale, which was sold to qualified investors.
The bonds were sold from the RMB 2.5 billion corporate bond program approved on June 22 by the Shanghai Stock Exchange and the China Securities Regulatory Commission.
Proceeds will be used to repay existing debt and to replenish working capital.
China Everbright Water, formerly HanKore Environment Tech Group Ltd., is a Beijing-based company that invests and operates in the water environment sector.
| Issuer: | China Everbright Water Ltd.
|
| Issue: | First tranche corporate bonds
|
| Amount: | RMB 1 billion
|
| Maturity: | Five years
|
| Lead underwriter: | Everbright Securities Co. Ltd.
|
| Coupon: | 4.55%, resets after three years
|
| Price: | Par
|
| Put: | After three years
|
| Pricing date: | July 21
|
| Settlement date: | July 24
|
| Rating: | Shanghai Brilliance Credit Rating & Investors Service Co., Ltd.: AAA
|
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