China Aircraft Leasing Group CALC raised $300 million from a debut dollar-denominated bond offering on Thursday, joining a fundraising rush of Chinese borrowers.
The unrated three-year Reg S deal comes one week after A-A- rated BOC Aviation, the aircraft leasing unit owned by Bank of China, sold a $750 million 10-year bond.
The Hong Kong-based company, which is partly owned by state-owned conglomerate China Everbright Group, is raising funds to almost triple its fleet to 172 by the end of 2022.
It plans to keep up China's growing demand for eco-friendly aircraft and the need to replace older aircraft.
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