By Susanna Moon
Chicago, Oct. 21 – Logan Property Holdings Co. Ltd.’s wholly owned subsidiary, Shenzhen Logan Holdings Co., Ltd., plans to issue RMB 1.4 billion of 3.4% bonds in the first tranche.
The company has obtained approval from the China Securities Regulatory Commission on July 7 to issue up to RMB 1.4 billion of bonds, with the first tranche to be issued within 12 months of the approval date, and the remaining tranches sold with 24 months, according to a company announcement.
After the bookbuilding, the coupon was set at 3.4% and will be adjusted at the end of the third year, the release noted.
Proceeds will be used to repay the company’s debt, with the remainder for general working capital.
Logan Property is a Shenzhen, China-based real estate development company.
| Issuer: | Shenzhen Logan Holdings Co., Ltd.
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| Issue: | Domestic corporate bonds
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| Amount: | RMB 1.4 billion
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| Coupon: | 3.4%, adjustable after three years
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| Pricing date: | Oct. 20
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| Rating: | United Credit Rating Co., Ltd.: AA+
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