ZhongAn Online P&C Insurance has announced that it proposes to issue notes to raise $600m.
The proceeds of the issue of the notes, after deducting fees and expenses, are currently intended to be used by the company for working capital and general corporate purposes.
In a statement filed with the Hong Kong stock exchange, ZhongAn says that it has on 9 July 2020 entered into a subscription agreement with joint lead managers which are UBS Hong Kong Branch, Haitong International Securities, BOCI Asia and ABCI Capital. Application has been made to the stock exchange for the listing of the notes and permission to deal in them.
The notes are expected to be rated “Baa2” by Moody’s. Their issue price is 100% and the coupon rate is 3.125%. The proposed issue date is 16 July 2020.