By William Gullotti
Buffalo, N.Y., Sept. 7 – China Universal Leasing Co., Ltd., a wholly owned subsidiary of Genertec Universal Medical Group Co. Ltd., issued RMB 500 million of 3.38% third-tranche renewable corporate bonds (Lianhe: AAA) at par of RMB 100, according to a company announcement on Thursday.
The bonds have a base term of one year.
At the end of the initial year, the company will be entitled to extend the bonds for another base term. The bonds will have a fixed coupon for the first term, and the coupon for each subsequent term will be adjusted to a benchmark rate plus the initial interest rate spread plus an additional 300 basis points.
Tianfeng Securities Co., Ltd. and Orient Securities Investment Banking Co., Ltd. are the joint lead underwriters.
Proceeds will be used to supplement operating funds.
The company previously received regulatory approval to issue up to RMB 2 billion of the bonds within 24 months. Of that total, RMB 1.12 billion has now been issued.
The bonds were issued off-line to qualified investors from Sept. 5 and listed on the Shanghai Exchange, marking the issuer’s eighth overall offering for 2023.
The health care company is based in Hong Kong.
| Issuer: | China Universal Leasing Co., Ltd.
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| Amount: | RMB 500 million
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| Issue: | Renewable corporate bonds, 2023 third tranche
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| Tenor: | One-year base tenor, with option to extend yearly
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| Underwriters: | Tianfeng Securities Co., Ltd. and Orient Securities Investment Banking Co., Ltd.
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| Coupon: | 3.38%; 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: | 3.38%
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| Call: | Callable annually at par
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| Settlement date: | Sept. 7
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| Rating: | Lianhe: AAA
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