Genertec’s China Universal eyes up to RMB 250 million perpetual notes

By Wendy Van Sickle

Columbus, Ohio, Dec. 22 – China Universal Leasing Co., Ltd., a wholly owned subsidiary of Genertec Universal Medical Group Co. Ltd., is proposing to issue up to RMB 250 million of perpetual medium-term notes, according to a notice on Friday.

The company’s first tranche of medium-term notes for 2023 will have an initial term of two years and will continue indefinitely until redemption by the issuer. The interest rate will be fixed for the first two years and will be determined by a book building process.

The notes will be issued at par.

If the issuer opts to extend the notes, the coupon rate will be reset once each term, using a benchmark rate plus 300 basis points.

Postal Savings Bank of China Co., Ltd. is the lead underwriter. Everbright Securities Co. Ltd. and Bank of Tianjin Co., Ltd. are joint lead underwriters.

Proceeds will be used to repay maturing debts.

The notes will be issued at par to domestic institutional investors in China.

The medical equipment manufacturing subsidiary is based in Beijing.

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