Singapore and Hong Kong, 9 June 2025 – China Everbright Water Limited (“Everbright Water” or the “Company”; stock codes: U9E.SG and 1857.HK), an environmental protection company focusing on water environment management, announces that the Company has completed the issuance of the third tranche of its 2025 medium term notes (the “2025 Third Tranche MTNs”), which was fully subscribed for by institutional investors in the national inter-bank bond market of mainland China (the “Institutional Investors”), with a subscription rate of 2.87 times.
The principal amount of the 2025 Third Tranche MTNs is RMB700 million, with a maturity period of 3+N years1 (perpetual term) and an interest rate of 2.07%. The proceeds from the issuance of the 2025 Third Tranche MTNs will be used to redeem the Company’s existing perpetual medium term notes. The 2025 Third Tranche MTNs and Everbright Water (as the issuer of the 2025 Third Tranche MTNs) have each been given a credit rating of “AAA” by Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. Everbright Securities Company Limited acted as the lead underwriter and bookrunner of the issuance of the 2025 Third Tranche MTNs, while Bank of China Limited, China Merchants Bank Co., Ltd., Bank of Jiangsu Co., Ltd., and China Zheshang Bank Co., Ltd. acted as the joint lead underwriters.
In December 2024, Everbright Water completed the registration of multiple types of debt financing instruments in a principal amount of RMB8 billion with the National Association of Financial Market Institutional Investors of the People’s Republic of China, and received approval to issue these instruments in multiple tranches to the Institutional Investors, including super short-term commercial papers, short-term commercial papers, medium term notes, perpetual notes, asset-backed securities, and green debt financing instruments. In January and April 2025, the Company successfully completed the issuance of the first and second tranches of its 2025 medium term notes, raising a total principal amount of RMB2.5 billion at interest rates of 1.78% and 1.90% respectively, maintaining competitive interest rates for the bond issuance.
The 2025 Third Tranche MTNs set a record-low interest rate among all panda bonds with perpetual terms issued in the market. The active subscription by the Institutional Investors reflects the capital market’s ongoing attention and confidence in both the Company and the broader environmental protection industry. The 2025 Third Tranche MTNs features a perpetual structure, distinguishing it from the terms of the first and second tranches of the Company’s 2025 medium term notes, highlighting the Company’s flexibility in innovating financing tools that helps further diversify its debt instrument portfolio. Going forward, Everbright Water will continue to closely monitor economic trends both within and outside China, conduct in-depth assessments of China’s fiscal and monetary policies, and optimise its debt structure dynamically. This will enhance the refined management of financing costs and provide more resilient and sustained medium- to long-term capital support for the Company’s development, thereby ensuring high-quality growth amid a complex and volatile market environment.
1 The maturity period is perpetual unless the Company exercises its rights under the terms and conditions of the 2025 Third Tranche MTNs (the “Conditions”) to redeem the 2025 Third Tranche MTNs on or after the date falling three (3) years from the interest commencement date of the 2025 Third Tranche MTNs in accordance with the Conditions.
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