By Marisa Wong
Los Angeles, March 31 – Times China Holdings Ltd. subsidiary Guangzhou Times Holdings Group Co., Ltd. issued two tranches of public domestic corporate bonds totaling RMB 2.5 billion on March 26, according to a company news release.
Tranche 1 carries a 6.3% coupon and has a term of seven years, with a coupon adjustment option and put option at the end of the fifth year.
Tranche 2 bears interest at 5.1% and has a term of five years, with a coupon adjustment option and put option at the end of the third year.
The size of each tranche was not disclosed.
BOC International (China) Co., Ltd. was the lead underwriter. Southwest Securities Co., Ltd. and Zhongshan Securities Co., Ltd. acted as the joint underwriters.
The non-guaranteed bonds are listed on the Shanghai Stock Exchange.
Proceeds are expected to be used to refinance some of the group’s existing debt.
Times China is a property development holding company based in Guangzhou, China.
| Issuer: | Guangzhou Times Holdings Group Co., Ltd.
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| Issue: | Public domestic corporate bonds
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| Amount: | RMB 2.5 billion
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| Underwriters: | BOC International (China) Co., Ltd. (lead), Southwest Securities Co., Ltd. and Zhongshan Securities Co., Ltd.
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| Settlement date: | March 26
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| Listing: | Shanghai Stock Exchange
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| Ratings: | United Credit Rating: AAA
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| China Chengxin Securities Rating: AAA
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|
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| Tranche 1
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| Maturity: | Seven years
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| Coupon: | 6.3%, adjustable at end of fifth year
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| Put option: | At end of fifth year
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|
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| Tranche 1
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| Maturity: | Five years
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| Coupon: | 5.1%, adjustable at end of third year
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| Put option: | At end of third year
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