Aoyuan Obtained Approval for the Issue of 3-year RMB2.4 Billion Domestic Corporate Bonds
Date:2015-07-28
(28 Jul 2015 - Hong Kong) China Aoyuan Property Group Limited (“Aoyuan” or the “Company”, Stock Code: 3883), a renowned property developer in China, is pleased to announce that the China Securities Regulatory Commission has approved the application for the proposed issue of domestic corporate bonds of up to RMB2.4 billion with a term of three years. The proceeds are expected to be used for refinancing certain of the Company’s existing indebtedness and for general working capital purposes. The domestic bonds will be listed on the Shanghai Stock Exchange.
The Issuer has received “AA” rating from a credit rating agency, namely United Ratings (聯合信用評級), towards the Issuer and the Bonds. Southwest Securities Company Limited (西南證券股份有限公司) will act as the principal lead underwriter and together with China Chuancai Securities Company Limited (川財證券有限責任公司) will act as the joint lead underwriters.
Aoyuan management commented, “After successfully issuing USD$250 million offshore senior notes, which was 6.5 times oversubscribed, Aoyuan has received “AA” rating towards the issue of the domestic bonds, demonstrating the full recognition from overseas and domestic capital markets on Aoyuan’s comprehensive strength. Through issuing the domestic bonds, Aoyuan will not only further diversify the financing channels, but also lower the debt costs, extend the debt maturity, and optimize the debt structure.”
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