SINGAPORE: China Everbright Water Limited, an environmental protection company focusing on water environment management, has completed the issuance of the second tranche of medium term notes (MTNs) to institutional investors in the inter-bank bond market in the mainland China with a principal amount of RMB 1.0 billion.
The Second Tranche MTNs were fully subscribed for by the Institutional Investors, with a maturity period of 3years, an interest rate of 3.75% and a subscription rate of 1.97 times.
The proceeds from the Second Tranche MTNs issuance will be used to replenish working capital of the Company’s subsidiaries.
The Second Tranche MTNs and the Company had each been given a credit rating of “AAA” by Shanghai Brilliance Credit Rating & Investors Service Co., Ltd.
Bank of China Limited and Guosen Securities Co., Ltd. Acted as the underwriters of the Second Tranche MTNs issuance.
In April 2020, Everbright Water received the notice of registration acceptance from the National Association of Financial Market Institutional Investors of the People’s Republic of China, to issue MTNs in single or multiple tranches to the Institutional Investors.
The MTNs have a registered principal amount of RMB3 billion, with a validity period of two years from 24 April 2020. On 5 August 2020, the Company completed the issuance of the first tranche of MTNs, with a principal amount of RMB1 billion, a maturity period of 3 years and an interest rate of 3.60%. The proceeds from such MTNs issuance were used to replenish working capital of the Company’s subsidiaries.