Genertec Universal Medical unit plans renewable corporate bonds

Chicago, April 17 – China Universal Leasing Co., Ltd., a wholly owned subsidiary of Genertec Universal Medical Group Co. Ltd., is readying a first tranche of renewable corporate bonds (Lianhe: AAA) for 2024, according to a notice.

The wholly owned subsidiary is planning to sell up to RMB 500 million of bonds under approval for up to RMB 2 billion.

The basic term of the bonds will be three years, with a repricing at the end of the term.

At the end of three years and each repricing period, the issuer may extend or repay the bonds.

The initial coupon will be determined through bookbuilding, with no discount.

The reset coupon will be based on the benchmark rate, 300 basis points and the initial spread.

Proceeds will be used as supplementary operating funds.

Bonds will be issued off-line to qualified investors, expected on April 18.

China Great Wall Securities Co., Ltd., Tianfeng Securities Co., Ltd. and Everbright Securities Co. Ltd. are the joint lead underwriters.

The listing will be on the Shanghai Stock Exchange.

The health care company is based in Hong Kong.

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