China Tower successfully issued the first phase of ABN: raised funds of 5 billion yuan

Evening news on December 15 (Yue Ming) According to industry sources, China Tower successfully issued the first asset-backed notes (abbreviated as ABN), relying on the accounts receivable of the three major operators.

The so-called ABN refers to the debt financing instruments issued by non-financial enterprises in the inter-bank bond market, supported by the cash flow generated by the underlying assets as repayment, and agreed to repay the principal and interest within a certain period of time.

The lead underwriter of ABN issued by China Tower is China Merchants Bank with a registered capital of 5 billion yuan, a current issue amount of 5 billion yuan, a coupon rate of 2.86%, a tool term of 1 year and a value date of December 14. One-time repayment of principal and interest.

The issue of ABN created several firsts: this is the first single-state enterprise asset-backed bill in China, the first bill of communication industry receivables ABN, the first issue amount of the largest ABN, the issue rate hit a new low in the recent term bond interest rate.

In the opinion of the industry, the successful issuance of ABN will not only replenish working capital in a timely manner, but also effectively reduce financing costs. The low coupon rate of 2.86% can also reflect the capital market's optimistic outlook for the development of China's towers.

Since the first day of the company's official inauguration, China Tower has faced tremendous financial pressure, especially after acquiring the assets of the three major operators, the pressure is increasing. In this new phase, the China Tower will not only do the operation and maintenance of more than 1.5 million towers in the existing network, but also meet the rapid growth of operators. Whether it is OPEX or CAPEX, it is running at a high level, which makes the tower company carry a heavy financial burden, and the bank interest that needs to be paid each year is as high as several billion yuan.

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