By William Gullotti
Buffalo, N.Y., Nov. 16 – China Universal Leasing Co., Ltd., a wholly owned subsidiary of Genertec Universal Medical Group Co. Ltd., issued a RMB 480 million tranche of 3.77% renewable corporate bonds (Chengxin: AAA) at par, according to a notice on Tuesday.
The tranche came in RMB 20 million below the approved amount.
As previously reported, the base term of the bonds is one year, after which the issuer may reprice and extend the bonds or repay the bonds in full. The issuer has this option at the end of every one-year repricing period, which will also reset the interest rate to the benchmark plus 300 basis points.
The issue is the third tranche of the previously reported aggregate sum of RMB 3.5 billion approved to be issued.
Proceeds will be used for supplementary operating funds.
The health care company is based in Hong Kong.
| Issuer: | China Universal Leasing Co., Ltd.
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| Issue: | Renewable corporate bonds, tranche 3
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| Amount: | RMB 480 million
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| Maturity: | Nov. 16, 2022, with the option to renew and extend
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| Coupon: | 3.77%, resets upon renewal at the benchmark rate plus 300 bps
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| Price: | Par
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| Yield: | 3.77%
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| Announcement date: | Nov. 11
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| Issue date: | Nov. 16
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| Rating: | Chengxin: AAA
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