By William Gullotti
Buffalo, N.Y., April 22 – Beijing Enterprises Water Group Ltd. sold RMB 500 million of 2.68% medium-term notes, series 2, with a five-year base tenor on April 18, according to an announcement on Monday.
At the end of five years, the issuer will have the right to redeem the notes or extend them for another five years. If the company elects to extend the notes, the interest rate will also reset on that date.
The notes will become callable on any interest payment date after the first reset date. Additionally, noteholders will be able to put the notes upon a change of control.
Proceeds will be used to repay existing debt.
Beijing Enterprises provides a broad range of water services and environmental protection services in China. The company is based in Hong Kong.
| Issuer: | Beijing Enterprises Water Group Ltd.
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| Amount: | RMB 500 million
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| Issue: | Medium-term notes, series 2
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| Tenor: | Perpetual; five-year base term, extendable in five-year increments
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| Coupon: | 2.68%, resettable every five years
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| Call: | Non-callable until first reset date; callable on any interest payment date thereafter
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| Settlement date: | April 18
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| Announcement date: | April 22
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