China Everbright Water sets pricing of 700 million yuan bond issue

China yuan coins

China Everbright Water said on Friday that it priced a 700 million yuan bond issue with an interest rate of 3.89 percent after a book-building process.

The company will be able to adjust the interest rate of the bonds after three years from the date of issuance, it said in a filing to SGX on Friday.

The bonds will be issued as the third tranche under its 2.5 billion yuan China yuan-denominated bond program.

Proceeds will be used for general working capital by the company’s subsidiaries, with the new issuance to help the group manage its overall financial cost within a reasonable range, the company has said previously.

Both the third tranche of bonds and the company have been given a credit rating of AAA by independent agency Shanghai Brilliance Credit Rating & Investors Service, the company has said previously.

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