Beijing Enterprises Water plans RMB 1 billion sale of notes

By Mary-Katherine Stinson

Lexington, Ky., Aug. 7 – Beijing Enterprises Water Group Ltd., which closed on its series 2 notes on May 24, is readying a new sale of up to RMB 1 billion of 2023 medium-term notes, series 4, according to an announcement.

The notes will be in two series, type 1 and type 2 notes. The interest rate on the perpetual notes will reset after two or three years, respectively.

Following a change of control and unless a waiver is obtained from noteholders, the company may need to redeem the series 4 notes. A change of control is defined as Beijing Enterprises Group Co. Ltd. owning or controlling, directly or indirectly, less than 35% of company voting rights; the group ceasing to supervise the company; the group ceasing to be the single largest shareholder of the company and the group’s nominees not comprising the majority of the company’s board of directors.

Proceeds from the notes will be used to repay interest-bearing debts.

Beijing Enterprises provides a broad range of water services and environmental protection services in China. The company is based in Hong Kong.

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