New York, Dec. 10 – BAIC Motor Corp. Ltd. priced a RMB 1 billion offering of corporate bonds with a five-year maturity and a 3.6% coupon.
The offering has an over-allotment option for a further RMB 500 million.
Proceeds will be used to replenish working capital.
BAIC’s sale of the bonds follows approval received in November from the China Securities Regulatory Commission for up to RMB 3 billion of domestic corporate bonds. Thursday’s sale is the first tranche.
BAIC Motor is a subsidiary of Beijing Automotive Industry Holding Co., Ltd. The automaker is based in Beijing.
| Issuer: | BAIC Motor Corp. Ltd.
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| Issue: | Domestic corporate bonds
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| Amount: | RMB 1 billion
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| Greenshoe: | RMB 500 million
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| Maturity: | Five years
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| Coupon: | 3.6%
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