Genertec Universal unit eyes up to RMB 500 million medium-term notes

By William Gullotti

Buffalo, N.Y., Aug. 24 – China Universal Leasing Co., Ltd., a wholly owned subsidiary of Genertec Universal Medical Group Co. Ltd., plans to issue up to RMB 500 million of second-tranche medium-term notes (Chengxin: AAA) at par of RMB 100, according to a company announcement on Thursday.

The company previously obtained regulatory approval to issue up to RMB 3 billion of medium-term notes. Including the RMB 1 billion issued in equal parts in January and April, RMB 2.5 billion of that approved total has been issued.

The upcoming offering is the third and likely final issuance from this specific authorization, marking seventh overall offering for the year.

As with the tranches issued in January and April, the planned notes will have a two-year term, bearing fixed interest that will be determined via book building.

CSC Financial Co., Ltd., Bank of Communications Co., Ltd., China Citic Bank Corp., Ltd. and Bank of Jiangsu Co., Ltd. are the joint lead underwriters.

Trading on China’s inter-bank bond market is expected to start Aug. 30.

Proceeds will be used to repay maturing debt.

The health care company is based in Hong Kong.

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