By Marisa Wong
Morgantown, W.Va., Aug. 23 – Times China Holdings Ltd. issued RMB 2.2 billion of 8.4% three-year bonds on Monday, according to a company announcement.
BOC International (China) Co., Ltd. acted as lead underwriter, and Southwest Securities Co., Ltd., Guotai Junan Securities Co., Ltd., Ping An Securities Co., Ltd. and Zhongshan Securities Co., Ltd. acted as joint underwriters.
The non-guaranteed bonds have a coupon adjustment option and put option at the end of the second year.
This is the company’s first tranche of domestic bonds under its previously approved RMB 5 billion bond program. The company expects to issue a second tranche.
Proceeds from the first tranche are expected to be used for refinancing debt.
Times China is a property holding company based in Guangzhou, China.
| Issuer: | Times China Holdings Ltd.
|
| Issue: | Domestic non-guaranteed bonds
|
| Amount: | RMB 2.2 billion
|
| Maturity: | Three years
|
| Underwriters: | BOC International (China) Co., Ltd. (lead); Southwest Securities Co., Ltd., Guotai Junan Securities Co., Ltd., Ping An Securities Co., Ltd. and Zhongshan Securities Co., Ltd. (joint)
|
| Coupon: | 8.4%, may be adjusted at end of second year
|
| Put option: | At end of second year
|
| Settlement date: | Aug. 20
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