By Marisa Wong
Morgantown, W.Va., June 1 – China-based Legend Holdings Corp. said its subsidiary, Raycom Real Estate Development Co., Ltd., priced RMB 2.5 billion of corporate bonds on Tuesday.
Legend, which owns 93.09% of equity interests in Raycom, will guarantee the bonds.
The issue will include RMB 1.45 billion of five-year bonds and RMB 1.05 billion of seven-year bonds.
The five-year bonds have a coupon of 4.68%, and the seven-year bonds have a coupon of 5˝%.
The coupon rates are adjustable at the end of the third year for the five-year bonds and at the end of the fifth year for the seven-year bonds. The bonds are also putable at the end of the third year and fifth year, respectively.
The company previously announced plans to issue up to RMB 7.5 billion of bonds this year. This is the company’s first tranche for 2016.
Proceeds will be used to repay debt and replenish working capital.
Legend is a Beijing-based investment holding company.
| Issuer: | Raycom Real Estate Development Co., Ltd.
|
| Guarantor: | Legend Holdings Corp.
|
| Issue: | Corporate bonds, 2016 first tranche
|
| Amount: | RMB 2.5 billion
|
| Pricing date: | May 31
|
|
|
| Five-year bonds
|
| Amount: | RMB 1.45 billion
|
| Maturity: | Five years
|
| Coupon: | 4.68%, adjustable at end of third year
|
| Put option: | At end of third year
|
|
|
| Seven-year bonds
|
| Amount: | RMB 1.05 billion
|
| Maturity: | Seven years
|
| Coupon: | 5˝%, adjustable at end of fifth year
|
| Put option: | At end of fifth year
|
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