Ronshine China unit talks RMB 200 million two-year bonds at 6˝%-7.9%

By Marisa Wong

Morgantown, W.Va., Feb. 17 – Ronshine China Holdings Ltd. said wholly owned subsidiary Rongxin (Fujian) Investment Co. Ltd. is proposing to offer RMB 200 million of bonds with an up to RMB 200 million over-allotment option, according to a company announcement.

The bonds will have an initial term of two years. At the end of the second year, the maturity of the bonds may be extended by two years.

The coupon rate is expected to be 6˝% to 7.9%. The exact rate will be determined through a bookbuilding process.

This will be the subsidiary’s second tranche of corporate bonds. In November the company received approval to issue a total of up to RMB 3.5 billion of corporate bonds. In January the company sold RMB 3.1 billion of 7.89% bonds, as previously reported.

Proceeds from the latest tranche will be used to refinance existing debt.

Ronshine is a property developer based in Fuzhou, China.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.