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Country Garden completes 2nd tranche of 20B-yuan bond program

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Country Garden completes 2nd tranche of 20B-yuan bond program

said March 30 that it completed the second tranche of its up to 20billion-Chinese-yuan bond programin China.

The second-trancheissuance comprised 4.00 billion yuan of nonpublic corporate bonds with a fixedannual coupon rate of 4.55% over a four-year tenure.

Thefirst-tranche issuanceconsisted of 4.00 billion yuan of bonds with a fixed coupon rate of 4.75% peryear and a tenure of five years.

CountryGarden has the option to adjust the coupon rate for the second-tranche bonds atthe end of the second year and investors can exercise a retractable option.

Thecompany said it plans to use the proceeds from the second-tranche issuance torefinance existing indebtedness and for general working capital purposes.

ChinaSecurities Co. Ltd. and Guotai Junan Securities Co. Ltd. served as the jointlead managers of the bond issuance.

As of March 29, US$1 wasequivalent to 6.51 Chinese yuan.