Singapore and Hong Kong, 18 April 2022 – China Everbright Water Limited ("Everbright Water" or the "Company", stock codes: U9E.SG and 1857.HK) (中国光大水务有限公司), an environmental protection company focusing on water environment management, is pleased to announce that the Company has completed the issuance of the third tranche of medium term notes ("MTNs") to institutional investors (the "Institutional Investors") in the national inter-bank bond market of mainland China, with a principal amount of RMB1 billion (the "Third Tranche MTNs"). The Third Tranche MTNs were fully subscribed for by the Institutional Investors, with a maturity period of 3 years, an interest rate of 3.10% and a subscription rate of 3.13 times. The proceeds from the Third Tranche MTNs issuance will be used to replenish working capital of the Company's subsidiaries.
The Third Tranche MTNs and the Company (as the issuer of the Third Tranche MTNs) 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 Third Tranche MTNs issuance.
Mr. Hu Yanguo, Executive Director and Chairman of Everbright Water, said, "The Company has successfully completed the issuance of the MTNs in three tranches since August 2020 with suitable timing, low interest rates, and good subscription rates. It demonstrates that the creditworthiness of the Company has been recognised by the market over a long period. The proceeds raised from the issuance of the MTNs have effectively replenished the working capital of Everbright Water's subsidiaries. The issuance of the MTNs also helps the Company optimise its financing structure, keep its financial costs within a reasonable range and accumulate experience in financing work. Moving forward, Everbright Water will continue closely monitoring market trends and changes to the market environment. It will choose appropriate financing channels and carry out financing work according to the Company's development pace, capital needs, market conditions and other factors. Meanwhile, Everbright Water will continue exploring new financing tools and further diversify its financing channels, to better support the long-term development of the Company."
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 in mainland China, with a registered principal amount of RMB3 billion. In 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, an interest rate of 3.60%, and a subscription rate of 2.01 times. In January 2021, the Company issued the second tranche of MTNs, with a principal amount of RMB1 billion, a maturity period of 3 years, an interest rate of 3.75%, and a subscription rate of 1.97 times.<< back