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China Everbright sets coupons for five-year bonds at 2.92%, 3.24%
By Marisa Wong
Morgantown, W.Va., July 22 – China Everbright Ltd. announced it will issue RMB 4 billion of five-year corporate bonds.
The bonds will consist of two types: type 1 bonds with a coupon of 2.92% and type 2 bonds with a coupon of 3.24%.
The two types of bonds will each have a base issue size of RMB 2 billion, but the amount may be reallocated between the two types.
Type 1 bonds will have a put option at the end of the third year, at which point the issuer may also adjust the coupon rate.
Everbright Securities is the bookrunner.
This will be the company’s first tranche of corporate bonds under its up to RMB 12.8 billion planned issuance approved in June.
Proceeds will be used to repay the group’s debt and to replenish its general working capital, as previously noted.
China Everbright is a Hong Kong-based financial conglomerate in China.
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