China Everbright proposes 3b yuan note issue in China

MAINBOARD-LISTED China Everbright Water plans to issue three billion yuan (S$586 million) worth of medium-term notes (MTNs) to institutional investors in China's inter-bank bond market, the company announced in a bourse filing on Wednesday.

The maturity of the notes will be no more than five years per tranche, while the coupon has yet to be decided. The company plans to issue a first tranche of 800 million yuan worth of MTNs. It has applied to the authorities in China for approval on this.

China Everbright will use the proceeds to "replenish working capital within a reasonable time and allow the group to optimise its financing structure", the company said in its filing.

China Everbright shares closed at S$0.32 on Wednesday, down 1.54 per cent.