(ATF) – China Railway Construction Investment Group plans to issue a 2020 public offering of 2 billion yuan (US$288 million) of first-phase corporate bonds for qualified investors, the Shanghai Stock Exchange said.
The bonds are divided into two types – one has coupon of 2.70% to 3.70%, and a term of five years, with the issuer's option to adjust the coupon rate and the investor's resale option at the end of the third year.
The second was proced at 3% to 4%, with a term of seven years, plus the issuer's option to adjust the coupon rate and investor's resale option at the end of the fifth year.
The lead bond underwriter, bookkeeper and bond trustee is CITIC Securities.
The issue has a "value date" of March 12.
CRC plans to use 1.5-billion yuan to repay due debts and the remainder raised will go to operating funds.
Meanwhile, Shenwan Hongyuan announced on March 9 that the company's subsidiary Shenwan Hongyuan Securities will issue 4 billion yuan of its first short-term financing bonds of 2020.
The bond period is 91 days and the bonds will have a coupon rate of 2.28%.