By Devika Patel
Knoxville, Tenn., March 26 – China Everbright Ltd. issued RMB 2 billion of medium-term notes due March 25, 2029 on March 22, according to a notice.
The bonds have a term of three plus two years, with the company entitled to adjust the interest rate at the end of the third year. The interest rate won’t change for the last two years. For the first three years, the coupon will be 2.57% per annum.
Everbright Securities Co. Ltd. is the lead underwriter, with China Construction Bank Corp., Bank of China Ltd., Shanghai Pudong Development Bank Co., Ltd., Bank of Ningbo Co., Ltd. and Bank of Beijing Co., Ltd. as joint lead underwriters.
The bonds may be put after three years.
Proceeds will be used for repayment of the interest-bearing debts of the Company and its subsidiaries.
China Everbright is a Hong Kong-based financial services company.
| Issuer: | China Everbright Ltd.
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| Amount: | RMB 2 billion
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| Issue: | Notes
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| Maturity: | March 25, 2029
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| Coupon: | 2.57% for the first three years, then adjusted for the final two years
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| Put option: | After three years
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| Underwriters: | Everbright Securities Co. Ltd. (lead), China Construction Bank Corp., Bank of China Ltd., Shanghai Pudong Development Bank Co., Ltd., Bank of Ningbo Co., Ltd. and Bank of Beijing Co., Ltd.
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| Settlement date: | March 22
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