By Marisa Wong
Morgantown, W.Va., Nov. 28 – China Everbright Ltd. announced it issued RMB 4 billion of six- and seven-year corporate bonds on Nov. 24.
The company sold RMB 2 billion of 3.22% six-year bonds and RMB 2 billion of 3.37% seven-year bonds. Pricing was determined through a bookbuilding.
The total base issue size was RMB 3 billion, but the deal included an up to RMB 1 billion over-allotment option.
Everbright Securities Co. Ltd. is the lead underwriter.
The six-year bonds will have a coupon adjustment option and put option at the end of the third year, and the seven-year bonds will have a coupon adjustment option and put option at the end of the fourth year.
This is the company’s second tranche of corporate bonds under its up to RMB 12.8 billion planned issuance approved in June. The first tranche – RMB 4 billion of 2.92%, 3.24% five-year bonds – was issued in July.
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.
|
| Issue: | Corporate bonds, second tranche
|
| Amount: | RMB 4 billion
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| Underwriter: | Everbright Securities Co. Ltd.
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| Settlement date: | Nov. 24
|
|
|
| Type 1 bonds
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| Amount: | RMB 2 billion
|
| Maturity: | Six years
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| Coupon: | 3.22%, adjustable at end of third year
|
| Put option: | At end of third year
|
|
|
| Type 2 bonds
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| Amount: | RMB 2 billion
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| Maturity: | Seven years
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| Coupon: | 3.37%, adjustable at end of fourth year
|
| Put option: | At end of fourth year
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