By William Gullotti
Buffalo, N.Y., June 29 – China Universal Leasing Co., Ltd., a wholly owned subsidiary of Genertec Universal Medical Group Co. Ltd., completed issuing RMB 600 million 4.3% renewable corporate bonds at par of RMB 100, according to an announcement on Thursday.
As previously reported, the bonds 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.
Citic Securities Co. Ltd., Tianfeng Securities Co., Ltd. and Orient Securities Investment Banking Co., Ltd. are the joint lead underwriters.
Proceeds will be used to supplementary operating funds.
The bonds will be listed on the Shanghai Exchange.
The issuance marks the company’s second corporate bond issue of 2023 and fifth overall offering of the year.
As previously reported, the company received regulatory approval to issue up to RMB 2 billion of the bonds. Of that total, RMB 1.82 billion has now been issued.
The health care company is based in Hong Kong.
| Issuer: | China Universal Leasing Co., Ltd.
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| Amount: | RMB 600 million
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| Issue: | Renewable corporate bonds, 2023 second tranche
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| Tenor: | Two-year base tenor, with option to extend in two-year intervals
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| Bookrunners: | Citic Securities Co. Ltd., Tianfeng Securities Co., Ltd. and Orient Securities Investment Banking Co., Ltd.
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| Coupon: | 4.3%; resets to benchmark plus initial spread plus additional 300 bps with each maturity extension
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| Price: | Par of RMB 100
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| Yield: | 4.3%
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| Call feature: | Non-callable until exercise of maturity extension and each subsequent two-year anniversary
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| Settlement date: | June 29
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