Chapter 581 Corporate Bonds

Hospital.

Li Dong hung up the phone and frowned slightly.

Unexpectedly, Longhua has such a great influence, and the bank is not accommodating even Lirongrong. This is not in line with the style of the banking industry.

Greenland is not a small customer, not to mention there are property mortgages, so the merger proposal was rejected so easily, I am afraid that Longhua has not lost much blood.

Li Dong let out a breath of turbid air, and secretly calculated.

1.6 billion, it's not that he can't take it out now, he has prepared 1.5 billion in funds before, and now that the supermarkets are shipping grain and oil on a large scale, it's no problem to take out 100 million.

But just as Wang Pengfei thought, once he took out 1.6 billion in cash now, Li Dong would really be under a lot of pressure.

Within the next three months, he will have to pay off the remaining 800 million acquisition funds of Greenland.

Others include 2 billion for land, 1 billion for Longhua, and 500 million for the supermarket to develop the market in the three provinces.

Coupled with the need to repay the loans and acquisitions before the era, the total is not only the five billion that Wang Pengfei calculated, but six billion is enough!

The current source of funds for Yuanfang is only the profit of supermarkets.

However, the market in the three provinces has not been developed, and the times have fallen into the big quagmire of southern Jiangsu. Currently, only relying on the profits of Jiangbei, it is not bad to have 300 million in three months.

Coupled with the more than one billion in hand, it is only two billion.

In other words, Li Dong had to raise at least 4 billion in funds within three months.

Even if he sells his stocks, he won't be able to spend so much money, unless the property market picks up in the next few months, so he still has a batch of real estate plus green land real estate, which can probably be sold for about 2 billion .

But whether the property market can pick up in a short period of time is really hard to guarantee.

Li Dong frowned, and Shen Qian, who was helping him pack his clothes, couldn't help asking: "What's wrong?"

"The bank disagrees with Pengfei's merger and acquisition, so the loan must not be repaid, or it must be replaced by Longhua."

"The bank's management is quite lenient." Shen Qian said slightly sarcastically: "Xu Shengzhe's current state is obviously a bit wrong, and he relies too much on conspiracy and tricks. Enterprise development, relying on conspiracy alone is not enough, and sometimes integrity is the king.

Conspiracies and tricks are only incidental, not mainstream, and Xu Shengzhe may suffer a lot in the future. "

"I don't know if he will suffer or not, but I know that I have a lot of problems now. If I spend 800 million more cash flow all at once, I'm in some trouble."

"Now what?"

Shen Qian was also a little embarrassed, thought for a while and said: "Yuanfang is indeed struggling now, and the shortage of funds is too serious. And raising funds is still a large amount of funds, and there are not many ways that can be thought of at present.

First, planning to go public.

However, it takes time to prepare, not to mention that you may not be willing, so it is not feasible to operate a distant listing.

Second, find a bank loan.

This is okay. ICBC has cooperated with Longhua for many years, and the relationship is too deep. We don’t need to look for it. However, we have also cooperated with CCB for several years, and the loan should still be able to get a little bit.

However, the amount may not be as high as we imagined, after all, we did not open the bank.

Third, find a private equity fund.

This is probably the simplest and easiest way at present. Yuanfang has made good profits in the past two years, and someone has talked to us before.

Now that it is expanding far away, it should not be a big problem to find a private equity fund to raise a sum of money. "

Li Dong frowned and said: "I know about the private equity fund. Last time I met a manager of a fund association. The condition they offered was to participate in management and control part of the equity. In terms of equity, because these guys said they could redeem it Come on, I don't mind much.

But they participate in management, so what should I do here?

With more third parties pointing fingers, the company can no longer operate exactly according to my wishes,

This is unacceptable to me. "

Shen Qian said helplessly: "If you want to get something, you have to pay. You don't want to pay anything, but you want someone to lend you a large sum of money, which is clearly impossible.

Of course, according to your wishes, we still have a way to go. "

Hearing this, Li Dong said with interest: "What way? It was agreed in advance that I don't want to lose the equity, and I have to hold the management right."

"You only want good things! But this method can really meet your requirements."

Li Dong himself didn't believe it when he said this. In fact, he knew that his requirements were too strict. Except for someone like Shen Qian who would lend him a large sum of money without asking for anything in return, who would want to do such a thing.

But Shen Qian then explained his doubts and said, "Have you heard of corporate bonds?"

When Li Dong heard it, his eyes flickered and he said, "I've heard of it, you mean?"

"Yes, we can prepare to see if we can pass the review and issue a batch of distant corporate bonds. This thing will neither share your shares, nor will a third party intervene in our management.

The only thing that needs to be done is to bear part of the interest, but the issuance conditions are a bit harsh, and we are not well-known in Yuanfang now, so it is hard to say whether there will be an audience.

If no one subscribes to the issued bonds, it would be a joke. "

Li Dong didn't pay attention to Shen Qian's next words, but muttered to himself: "Corporate bonds...corporate bonds..."

This is not the first time he has heard of this term, he has noticed it once before.

It was March of this year, and he inadvertently discussed the feasibility of corporate bonds with Sun Tao.

Of course, he is not discussing this for no reason.

In March 2006, China Resources issued a corporate bond with a face value of 3 billion.

At that time, the bonds issued by China Resources were quickly digested by the market, which made Li Dong really envious for a while, not only that China Resources easily raised three billion funds.

It is also the strength of the other party's credibility!

The coupon rate is only 4.05%, which is a little bit higher than the bank interest rate. Such an issue rate can be quickly absorbed by the market. This kind of scenario is far from being achieved by Yuanfang.

Now suddenly hearing Shen Qian mentioning this, Li Dong immediately thought of China Resources.

After raving for a while, Li Dong's eyes flickered and said: "Is Yuanfang okay? At present, the companies that issue bonds in China are either listed companies or state-owned enterprises. Yuanfang is only a private enterprise, and I am the only shareholder. Can it pass the review of the National Development and Reform Commission? "

"The Provincial Development and Reform Commission is not a big problem, but the country is hard to say. In addition, the issuer of corporate bonds must be a joint-stock company or a state-owned enterprise. If we want to issue bonds smoothly, we must change the company system from a limited liability company to a shareholding company. Ltd.

In this way, you have to take part of your shares.

Of course, this is just a formal change, you can put the shares on the heads of uncles and aunts, these problems should not be big. "

"Then if we pass the review, how many bonds can Yuanfang issue?"

"According to the regulations, only bonds that are no higher than 40% of the company's net assets can be issued. Yuanfang's current net assets are about 7 billion, which means that it can only issue bonds with a maximum of 2.8 billion. In fact, 40% is the point. It is very difficult to achieve, and we will strive to reach 30%, and there is still hope for the issuance of about 2 billion.”

"Two billion……"

Li Dong thought about it, if he can really pass, and raise 2 billion in one go, then he will be much more relaxed.

In addition, the company can probably raise two billion at present, which means that the funding gap is only between two billion.

At that time, whether it is stock cashing out or real estate recovery, you can handle any one of them by yourself, and you will be able to meet the funding needs in the distance.

And bonds are also easy to use. The 2 billion bonds issued by China Resources are 15-year.

Some people may not be willing to buy long-term releases from far away, but short-term, three-year and five-year releases are probably acceptable to some people.

After all, Yuanfang has developed well in the past two years, and within three to five years, Yuanfang's momentum should not weaken.

The interest rate is a little lower than China Resources’ 15-year term. Based on the interest rate of 4%, the annual interest is only 80 million.

80 million issued for three years, that is 240 million, plus the issuance cost will not exceed 300 million.

Using a fee of 300 million yuan in exchange for 2 billion yuan of working capital to help him tide over the difficulties, and overdrafting 2 billion yuan without any scruples, is actually a good deal for the rapidly developing Yuanfang.

After pondering for a while, Li Dong said: "That's okay, let's go this way! Next you will be in charge of this matter, and the company will cooperate with you in all actions to raise two billion yuan, which is of great help to us now. But three Can it be completed in a month?"

Shen Qian thought for a while and said: "In the province, we can let them speed up, and it will not be easy in the capital, but when the time comes, I will ask my dad to find a few friends to help urge them, so the problem probably won't be too big.

There is also the issue of the guarantor. If a bank is willing to guarantee us, I think three months should still be possible.

I went back to talk to CCB. In the past two years, we have fully cooperated with them. The working capital in the distance, including the supplier's payment, is all transferred through CCB. It should not be a big problem to ask them to guarantee.

Finally, there is the issue of issuance and listing. Because we are not a listed company, we cannot be listed and traded through the exchange.

If it cannot be listed and traded, then we can only rely on our own road show, so the audience will be much smaller.

I'm afraid..."

"Afraid no one will care?"

Li Dong expressed her worry in one sentence. Once the bonds issued by Yuanfang are not interested, it will be like the company going public, and the stock price will plummet.

Yuanfang is a private company and it is not listed, so it is not afraid that the stock price will not fall or not.

As for the market value being undervalued, Li Dong actually doesn't care.

The main reason is that it will cause a chain crash effect. Once the bonds of Yuanfang are not interested, the public will question the credibility of Yuanfang.

Ordinary people question that the relationship is actually not big, but what about suppliers who cooperate with distant places?

And the reputation of the real estate company will also suffer a major blow. These are issues that have to be considered.

Shen Qian nodded slightly and said, "That's exactly what I'm worried about. After all, we are just a private company, unlike China Resources and other companies, which have a state guarantee behind them. If we can't provide a decent guarantee, others may not necessarily accept our bonds. "

Li Dong tapped his fingers lightly, thought for a while and said, "What if Yuanfang makes a big move in a short period of time? For example, market development in three provinces, acquisition of green land, these can increase the credibility of our company, if we release it again at this time Some big plans, our fame will soar in a short time, right?"

Shen Qian frowned and said, "Big plan? Do you think our plan is not big enough? If you still have big moves, you'd better take it slow. We really can't hold on at this time. Outsiders may not understand, maybe they You will feel that we are too ambitious, and you will be even more worried.”

"That's true."

Li Dong was a little helpless, and sighed: "Then what should we do?"

"Hey, let's think of a way when the time comes. After all, we are just a plan now, and we may not be able to pass the review of the China Securities Regulatory Commission and the National Development and Reform Commission."

When Li Dong heard this, he also felt that he was worrying unfoundedly. He nodded and said: "Let's carry out the plan first, and we'll talk about the specifics after the approval. If the review fails, it's useless to have more plans now. I'll find a way after it is passed. "

Marketing planning plan, Li Dong from later generations has also seen many successful cases.

Things that are worthless can be sold for sky-high prices by others.

What's more, Yuanfang is not worthless, at least it is a large group with tens of billions of assets. I dare not say it in other places. In Jiangbei, Yuanfang still has a bit of a mass base.

At that time, as long as the planning is done well, two billion is actually not too much to say, and it is not necessarily impossible to raise it.

Putting this matter aside for the time being, Li Dong said again: "Regardless of whether it can be passed or not, the merger and acquisition of Greenland has reached this point, and I must not let it go. I will let Wang Pengfei do it later, and then we will tighten our belts." Prepare.

As long as we survive the next few months, the future in the distance will be bright! "

Shen Qian looked at him waving his arms and shaking his arms, with a look of vigor, a trace of obsession could not help but appear in his eyes.

Isn't such Li Dong the reason for her obsession?

What are the temporary difficulties!

As Li Dong said, once the green land is acquired and the development of the three provinces is completed, supermarkets and real estate will go hand in hand, coupled with the development of shopping malls and logistics, the future prospects will be bright.

Now, Yuanfang may have many difficulties, but Yuanfang still has Li Dong and herself. One day, she will let everyone know that even without relying on anyone, Yuanfang can go very far!

At that time, who would dare to say that Li Dong is only relying on luck?

He is not a bum, nor is he a bully who can only lose his temper, he is Li Dong, Li Dong who no one can replace!

PS: Pushing this friend's new book, a fine author, means that the previous book has been harmonized, and now I'm fighting the rivers and lakes again, I believe it will not disappoint everyone.