Chinese telecoms equipment maker ZTE has raised Yn1.5bn (US$240.2m) from an issue of medium-term notes.
The notes, which form the second tranche of an offering of up to Yn9bn (US$1.4bn), were issued at par of Yn100 each.
The coupon interest rate for…
Chinese telecoms equipment maker ZTE has raised Yn1.5bn (US$240.2m) from an issue of medium-term notes.
The notes, which form the second tranche of an offering of up to Yn9bn (US$1.4bn), were issued at par of Yn100 each.
The coupon interest rate for the first applicable three years is 5.69% per annum, after which it will be reset every three years.
China Development Bank was the principle underwriter for the notes.
Proceeds will be used to provide additional working capital.
ZTE approved a perpetual medium-term note issue of up to Yn9bn at a company EGM in October 2014.
The first tranche, totalling Yn6bn (US$961m), was issued in January and carries a 5.81% coupon for the first five years, after which it will be reset every five years.
Proceeds from this tranche, underwritten by China Merchants Bank, were used to fund bank loan repayments as well as provide working capital.