The proceeds from the issuance of the First Tranche Perpetuals will be used to repay the due debts of Everbright Water and its subsidiaries. The First Tranche Perpetuals and the Company (as the issuer of the First Tranche Perpetuals) have each been given a credit rating of "AAA" by Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. Everbright Securities Company Limited acted as the lead underwriter and bookrunner of the issuance, and China CITIC Bank Corporation Limited acted as the joint lead underwriter.
In March 2022, Everbright Water received a notice of registration acceptance from the National Association of Financial Market Institutional Investors of the People's Republic of China, to issue the Perpetuals in multiple tranches to the Institutional Investors in the national inter-bank bond market of mainland China, with a registered principal amount of RMB3 billion.
The successful issuance of the First Tranche Perpetuals is another step that the Company takes to diversify its financing channels, following its issuance of corporate bonds, asset-backed securities, medium-term notes, and super and short-term commercial papers in recent years. The smooth issuance of the First Tranche Perpetuals reflects the Company's active exploration of equity-based financing, which helps the Company reduce gearing ratio, improve liquidity, and optimise capital structure. It will also facilitate the Company to utilise a variety of financing tools and keep its financing cost within a reasonable range. Going forward, Everbright Water will continue monitoring market conditions closely to arrange for issuance of the remaining Perpetuals, in order to provide stable and flexible capital support for the Company's innovation-oriented and high-quality development.
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China Everbright International Ltd. published this content on 13 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 June 2022 06:42:10 UTC.