By William Gullotti
Buffalo, N.Y., Dec. 28 – China Universal Leasing Co., Ltd., a wholly owned subsidiary of Genertec Universal Medical Group Co. Ltd., completed its previously announced public offering of perpetual medium-term notes on Wednesday, according to an announcement.
The company sold RMB 250 million of the notes with a two-year base term at par of RMB 100.
The interest rate was not specified for the first two years, except that it is fixed and determined by a book building process as the aggregation of the initial benchmark interest rate and the initial interest rate spread.
If the issuer opts to extend the notes, the coupon rate will be reset once each term, using the initial benchmark rate plus the initial spread plus an additional 300 basis points.
As previously reported, 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.
Dubbed the first tranche of perpetuals, the latest issue marks the company’s 12th overall offering of 2023.
The medical equipment manufacturing subsidiary is based in Beijing.
| Issuer: | China Universal Leasing Co., Ltd.
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| Amount: | RMB 250 million
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| Issue: | Perpetual medium-term notes, first tranche
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| Tenor: | Perpetual with two-year base term, extends in two-year increments
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| Underwriters: | Postal Savings Bank of China Co., Ltd. (lead), Everbright Securities Co. Ltd., Bank of Tianjin Co., Ltd.
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| Coupon: | Fixed rate, resets every two years to benchmark plus initial spread plus 300 bps
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| Price: | Par of RMB 100
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| Call: | Every two years
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| Settlement date: | Dec. 27
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| Distribution: | Public
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