By Marisa Wong
Morgantown, W.Va., July 26 – China Everbright Ltd. announced it issued RMB 4 billion of five-year corporate bonds on Monday.
The bonds consist of two types: type 1 bonds with a coupon of 2.92% and type 2 bonds with a coupon of 3.24%. The company sold RMB 1 billion of the type 1 bonds and RMB 3 billion of the type 2 bonds.
The two types of bonds each had a base issue size of RMB 2 billion, but the company had the option of reallocating the amounts 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 is 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.
| Issuer: | China Everbright Ltd.
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| Issue: | Corporate bonds, first tranche
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| Amount: | RMB 4 billion
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| Maturity: | Five years
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| Bookrunner: | Everbright Securities
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| Settlement date: | July 25
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| Type 1 bonds
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| Amount: | RMB 1 billion
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| Coupon: | 2.92%, may be adjusted at the end of the third year
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| Put option: | At the end of the third year
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| Type 2 bonds
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| Amount: | RMB 3 billion
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| Coupon: | 3.24%
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