Beijing water business issues dim sum bonds
July 14, 2011 | BY
clpstaff &clp articlesBeijing Enterprises Water Group Limited (BEWGL) has issued nearly 1.5 billion Rmb-denominated or “dim sum” bonds. The two issues comprised one billion…
Beijing Enterprises Water Group Limited (BEWGL) has issued nearly 1.5 billion Rmb-denominated or “dim sum” bonds. The two issues comprised one billion 3.75% senior bonds due 2014 and 450 million 5.00% senior bonds due 2016.
The issuer is a Hong Kong-listed holding company with a business that focuses on water and water treatment in Beijing and other areas of the PRC. BEWGL is indirectly backed by the Beijing Municipal Government. The net proceeds of the issuance will be remitted as shareholder loans to support the capital expenditure and working capital of BEWGL's subsidiaries.
The joint lead managers of the deal were Bank of America Merrill Lynch, DBS Bank, Goldman Sachs, Macquarie, Morgan Stanley and Standard Chartered Bank.
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