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Beijing Enterprises Water proposes up to RMB 1 billion of notes
By Mary-Katherine Stinson
Lexington, Ky., May 19 – Beijing Enterprises Water Group Ltd. said it plans to issue RMB 1 billion of medium-term notes in a second series for the year, according to an announcement on Friday.
The company has applied for and received approval to register up to RMB 5 billion of medium-term notes with the National Association of Financial Market Institutional Investors.
Proceeds from the notes are intended to be used to repay existing loans.
There will be a change-of-control put option included, tied to parent company Beijing Enterprises Group Co., Ltd. It will be triggered if the parent’s ownership of the company dips below 35% or the parent ceases to supervise the company, ceases to be the major shareholder or its nominees cease to be the majority on the company’s board of directors.
Beijing Enterprises provides a broad range of water services and environmental protection services in China. The company is based in Hong Kong.
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