Genertec Universal unit to issue up to RMB 1 billion corporate bonds

By William Gullotti

Buffalo, N.Y., April 21 – China Universal Leasing Co., Ltd., a wholly owned subsidiary of Genertec Universal Medical Group Co. Ltd., plans to issue up to RMB 1 billion of first-tranche corporate bonds at par of RMB 100, according to a company announcement on Friday.

The company previously received regulatory approval to issue up to RMB 8 billion of the bonds in installments within 24 months. Of that total, RMB 6.1 billion has been issued.

The upcoming offering will mark the company’s first corporate bond issue of 2023 and fourth overall offering for the year.

The first-tranche corporate bonds will have a base term of four years.

At the end of the second and third years, the company will be entitled to adjust the coupon rate as well as a repurchase option. Bondholders will likewise be able to exercise put rights on those dates.

The notes are expected to be issued off-line from April 24 and subsequently listed on the Shanghai Exchange.

The health care company is based in Hong Kong.

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