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China Everbright Water issues 300m yuan in asset-backed securities

DUAL-LISTED environmental-services group China Everbright Water on Wednesday issued 300 million yuan (S$58.9 million) in asset-backed securities to qualified investors in mainland China.

The bulk of the issuance is in five classes of preference securities. These will mature in tranches between 2021 and 2025, with annual interest rates ranging from 2.98 per cent to 3.99 per cent.

The underlying assets for the securities are the wastewater treatment service fee rights of Everbright Water’s subsidiaries for four wastewater projects in Liaoning province.

Meanwhile, 15 million yuan in subordinate securities were issued to wholly-owned Everbright Water (Shenzhen), the beneficiary of the issuance.

Proceeds from the issuance will be used to replenish the working capital of Everbright Water and its subsidiaries, Everbright Water said.

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Chief executive An Xuesong said that the exercise - a first for the company - was another step in diversifying Everbright Water’s financing channels after its first panda bonds issuance last year.

“Everbright Water will continue proactively paying attention to and exploring various financing channels, and make efficient use of the funds raised, so as to provide adequate financial support to safeguard the company’s development,” he added in a statement.

Shares closed up by half a Singapore cent, or 2.38 per cent, to S$0.215 on Wednesday, before the latest announcement.

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