By William Gullotti
Buffalo, N.Y., March 24 – Beijing Enterprises Water Group Ltd. completed issuing RMB 5.5 billion of medium-term notes in three parts on March 23, according to two announcements on Friday.
As previously reported, the company applied to register up to RMB 8 billion of medium-term notes with the National Association of Financial Market Institutional Investors.
The first series is RMB 4 billion of 2.95% notes with a three-year tenor.
The group also issued two series of five-year notes, one totaling RMB 500 million with a 2.98% coupon and the other totaling RMB 1.5 billion with a 3½% coupon.
The 2.98% notes are the only series with a resettable coupon and an optional put, both of which are exercisable two years prior to maturity.
All three series feature a change-of-control put, conditioned upon a ratings downgrade occurring within six months of a change of beneficial controller from Beijing Enterprises Group Co., Ltd.
Proceeds will be used to repay existing bank loans and for general working capital.
Beijing Enterprises provides a broad range of water services and environmental protection services in China. The company is based in Hong Kong.
| Issuer: | Beijing Enterprises Water Group Ltd.
|
| Amount: | RMB 5.5 billion
|
| Issue: | Medium-term notes, series 1
|
| Change-of-control put: | Upon change of beneficial controller if a credit rating downgrade below investment grade occurs within six months
|
| Issue date: | March 23
|
| Announcement date: | March 24
|
|
|
| Three-year notes
|
| Amount: | RMB 4 billion
|
| Maturity: | March 2026
|
| Coupon: | 2.95%
|
|
|
| Five-year 2.98% notes
|
| Amount: | RMB 500 million
|
| Maturity: | March 2028
|
| Coupon: | 2.98%, resettable two years prior to maturity
|
| Put: | On coupon reset date
|
|
|
| Five-year 3½% notes
|
| Amount: | RMB 1 billion
|
| Maturity: | March 2028
|
| Coupon: | 3½%
|
|
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