[ET Net News Agency, 16 November 2017] Far East Horizon (03360) said its direct
wholly-owned subsidiary International Far Eastern Leasing Co., Ltd (IFEL) and indirect
wholly-owned subsidiary Far Eastern Horizon (Tianjin) Financial Leasing Co., Ltd. (FETJ)
agreed to entrust China Resources SZITIC Trust Co., Ltd. with the underlying assets and
China Resources SZITIC Trust agreed to be the trustee and the administration agency of the
trust for the benefit of the beneficiaries for the purpose of the issuance of asset-backed
notes (ABN).
As part of the ABN transaction, IFEL, FETJ, Orient Securities, China Merchants Bank
(CMB) and China Resources SZITIC Trust entered into the underwriting agreement, pursuant
to which Orient Securities as the mandated lead underwriter and bookrunner and CMB as the
joint lead underwriter shall arrange for the issuance and securitization of various
classes of ABN in the aggregate face value of Rmb3,004 million to be registered at the
National Association of Financial Market Institutional Investors.
It is anticipated that the Far East Horizon group would realise a net gain of about
Rmb1.3 million from the issuance of the asset-backed notes. The proceeds will be applied
on future finance leases transactions. (HL)