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Joy City unit OK’d to sell up to RMB 1.5 billion medium-term notes
By William Gullotti
Buffalo, N.Y., Nov. 21 – China’s Joy City Property Ltd. received approval to sell up to RMB 1.5 billion of medium-term notes on Nov. 15, according to an announcement on Monday.
The notes will be issued by Cofco Commercial Property Investment Co., Ltd., an indirect non-wholly owned subsidiary of the company.
The notes will have a three-year base term and may be perpetually renewed until redeemed.
Initial coupon rate will be determined through a book-building process. After the initial term has passed, the coupon rate will reset to one based on the then benchmark interest rate in China plus the interest rate spread plus an additional 300 basis points.
The coupon may be deferred by the issuer, in which case it may not further distribute dividends or reduce share capital until the deferred amounts are fully paid.
The coupon rate will reset every three years on the same date available by the issuer to redeem or renew the notes.
Bank of China Ltd. and China International Capital Corp., Ltd. are the joint underwriters for the offering, with Bank of China as lead.
Joy City is a real estate company based in Hong Kong and is a member of the Cofco Group.
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