China’s Legend sets talk for up to RMB 2.5 billion bonds at 4½%-5½%

By Marisa Wong

Morgantown, W.Va., July 3 – Legend Holdings Corp. said it will issue up to RMB 2.5 billion of corporate bonds from July 5 to July 7.

The base issue size is RMB 1 billion and the over-allotment option is up to RMB 1.5 billion.

The bonds will be issued at par with a fixed coupon of 4½% to 5½%. The final coupon rate will be determined through an offline bookbuilding.

China Galaxy Securities Co. Ltd. is the lead underwriter.

In April, the company announced plans to issue up to RMB 28 billion of debt financing instruments with maturities of no more than 15 years and perpetual bonds.

Proceeds from the first tranche will be used to repay interest-bearing debt.

United Ratings Co., Ltd. has assigned a rating of AAA to the first-tranche bonds.

Legend is a Beijing-based investment holding company.

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