China Agri-Products issues 1.4 billion yuan in 2016 and 2019 bonds
Sina Finance News, October 6 - according to Hong Kong Economic Journal, China Agri-Products (00149) announced the separate issuance of 200 million to 400 million yuan of bonds maturing in 2016 and 1 billion to 1.2 billion yuan of bonds maturing in 2019, with annual interest rates of 8.5% and 10% respectively. If subscriptions for the 2016 bonds total less than 200 million yuan
Sina Finance News, October 6 - according to Hong Kong Economic Journal, China Agri-Products (00149) announced the separate issuance of 200 million to 400 million yuan of bonds maturing in 2016 and 1 billion to 1.2 billion yuan of bonds maturing in 2019, with annual interest rates of 8.5% and 10% respectively.
If subscriptions for the 2016 bonds total less than 200 million yuan, Wang On Group will subscribe as underwriter until the subscription amount reaches 200 million yuan; if subscriptions for that batch of bonds reach 200 million yuan, Wang On will not subscribe.
If the 2019 bonds are not fully subscribed, PNG Resources (00221) will subscribe up to 150 million yuan of the remaining bonds; thereafter, Wai Yuen Tong will subscribe up to 720 million yuan of the remaining bonds; finally, Wang On Group will subscribe all of the remaining bonds. If the bonds are fully subscribed by PNG and Wang On, a total of 17 million yuan in subscription fees will be paid to the two companies out of the proceeds raised.
The estimated net proceeds of approximately 1.354 billion yuan are intended to be used to repay existing debts, including the outstanding loans owed by China Agri-Products to the subscribers. The amounts of outstanding matured loans owed by China Agri-Products to Wang On, Wai Yuen Tong and PNG are 880 million yuan, 325 million yuan and 200 million yuan respectively.
If subscriptions for the 2016 bonds total less than 200 million yuan, Wang On Group will subscribe as underwriter until the subscription amount reaches 200 million yuan; if subscriptions for that batch of bonds reach 200 million yuan, Wang On will not subscribe.
If the 2019 bonds are not fully subscribed, PNG Resources (00221) will subscribe up to 150 million yuan of the remaining bonds; thereafter, Wai Yuen Tong will subscribe up to 720 million yuan of the remaining bonds; finally, Wang On Group will subscribe all of the remaining bonds. If the bonds are fully subscribed by PNG and Wang On, a total of 17 million yuan in subscription fees will be paid to the two companies out of the proceeds raised.
The estimated net proceeds of approximately 1.354 billion yuan are intended to be used to repay existing debts, including the outstanding loans owed by China Agri-Products to the subscribers. The amounts of outstanding matured loans owed by China Agri-Products to Wang On, Wai Yuen Tong and PNG are 880 million yuan, 325 million yuan and 200 million yuan respectively.