China-based Legend’s Raycom unit plans up to RMB 7 billion bonds

By Marisa Wong

Morgantown, W.Va., Feb. 17 – Legend Holdings Corp. said its subsidiary, Raycom Real Estate Development Co., Ltd., plans to issue up to RMB 7.5 billion of bonds this year.

The subsidiary is proposing to offer up to RMB 2.5 billion of corporate bonds and up to RMB 5 billion of private bonds.

The corporate bonds will be sold in tranches, with the first tranche capped at RMB 2 billion, and will be issued at par with a maturity of no more than 10 years.

Legend, which owns 93.09% of equity interests in Raycom, will guarantee the bonds.

Proceeds will be used to repay debt and replenish working capital.

Legend is a Beijing-based investment holding company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.