Genertec Universal unit to issue RMB 500 million two-year notes

By William Gullotti

Buffalo, N.Y., Jan. 10 – China Universal Leasing Co., Ltd., a wholly owned subsidiary of Genertec Universal Medical Group Co. Ltd., plans to issue an up to RMB 500 million of medium-term notes (Chengxin: AAA) at par, according to a company announcement on Tuesday.

The notes will have a two-year term, bearing fixed interest that will be determined via bookbuilding.

Postal Savings Bank of China Co., Ltd. and Bank of Jiangsu Co., Ltd. are the joint lead underwriters.

The upcoming offering is the company’s first offering in 2023, with trading on China’s inter-bank bond market expected to start Jan. 16.

The company previously obtained regulatory approval to issue up to RMB 3 billion of medium-term notes. Of that approved total, RMB 1.5 billion was issued in three tranches in 2022.

Proceeds will be used to repay maturing debt.

The health care company is based in Hong Kong.

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