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China’s Xiaomi plans onshore bond issuance for coronavirus fight -sources

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Hong Kong-listed smartphone maker Xiaomi is planning an 8 billion yuan (US$1.13 billion) panda bond issue to fund coronavirus prevention efforts, its first onshore issuance, two sources with knowledge of the matter told Reuters.

FILE PHOTO: Visitors visit the Xiaomi booth at the Mobile World Congress in Barcelona, Spain, February 26, 2019. REUTERS/Rafael Marchante/File photo

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BEIJING/SHANGHAI: Hong Kong-listed smartphone maker Xiaomi is planning an 8 billion yuan (US$1.13 billion) panda bond issue to fund coronavirus prevention efforts, its first onshore issuance, two sources with knowledge of the matter told Reuters.

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The first 1 billion yuan tranche of private placement notes will have a fixed coupon and a tenor of three years, the sources said. They said that proceeds from the bonds will be used to repay interest on loans for projects within China, replenish working capital and support virus-fighting efforts.

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Bank of China will be the lead underwriter and bookrunner on the deal, with Industrial and Commercial Bank of China as tRead More – Source