Genertec Universal unit plans up to RMB 1 billion renewable bonds

By Wendy Van Sickle

Columbus, Ohio, June 26 – 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 second-tranche renewable 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 2 billion of the bonds. Of that total, RMB 1.22 billion has been issued.

The bonds will have a base term of two years.

At the end of the second year, the company will be entitled to extend the bonds for two more years. The bonds will have a fixed coupon for the first term, and the coupon for the subsequent term will be adjusted to a benchmark rate plus the initial interest rate spread plus 300 basis points.

Proceeds will be used to supplementary operating funds.

The notes are expected to be issued off-line to qualified investors from June 27 and listed on the Shanghai Exchange.

Citic Securities Co. Ltd., Tianfeng Securities Co., Ltd. and Orient Securities Investment Banking Co., Ltd. are the joint lead underwriters.

The health care company is based in Hong Kong.

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