Investor Relations
Press Release
24 Jul 2017

Everbright Water to Issue First Tranche of Panda Bonds

Singapore, 24 July 2017 – China Everbright Water Limited ("Everbright Water" or the "Company", SGX: U9E) (中国光大水务有限公司), an environmental protection company focusing on water environment management, is pleased to announce that the Company has received approvals from the Shanghai Stock Exchange ("SSE") and the China Securities Regulatory Commission to issue RMB-denominated corporate bonds ("Panda Bonds") of up to RMB2.5 billion in aggregate principal amount (RMB2.5 billion inclusive) in a single or multiple tranches to qualified investors in the People's Republic of China. The initial tranche of the bonds (the "First Tranche Panda Bonds") will be issued today.

The book-building process for the issuance of the First Tranche Panda Bonds was completed on 21 July 2017. The First Tranche Panda Bonds, with principal amount of RMB1 billion, bear a coupon rate of 4.55% for a five-year maturity, and are expected to be listed on the SSE for trading. Both the First Tranche Panda Bonds and the Company (as the issuer) have each been given a credit rating of AAA by Shanghai Brilliance Credit Rating & Investors Service Co., Ltd.

The proceeds from the bond issue will be used for the repayment of the existing indebtedness of the Company and its subsidiaries and replenishment of the general working capital. Everbright Securities Company Limited acts as the lead underwriter and book-runner for the bond issue.

Mr. An Xuesong, Executive Director and CEO of Everbright Water, said, "Being approved to issue its first Panda Bonds broadens the Company's financing channels and will help optimise its financing and capital structure. Considering the various projects operated by the Company in China, to raise RMB funds will also help reduce the impact of foreign exchange fluctuation on the business. We will actively explore various fundraising options and make efficient use of the funds raised to support the healthy and steady growth of the Company ahead."