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Chongqing Zongshen Power Machinery to issue RMB 750 mln bonds

Nov. 10, 2011 (China Knowledge) - Chongqing Zongshen Power Machinery Co Ltd<001696> has said it will issue RMB 750 million worth of fixed-rate corporate bonds with a maturity of six years on the interbank market from Nov. 14 to Nov. 16, sources reported.

The Shenzhen-listed firm plans to issue 10% of the total bonds online and 90% offline. Coupon rate will be in the range of 7.30% to 7.80% and will be determined in the process of book-building. Both value date and payment due date will be Nov. 14.

Proceeds from the issue will be used to repay bank loans and replenish working capital, in a bid to optimize the firm's debt structure, said the issuer.

Zongshen Industrial Group will provide unconditional and irrevocable guarantee to the bonds.

China Lianhe Credit Rating Co Ltd has rated the issuer and corporate bonds AA and AA, respectively.

At the end of last year, the issuer's debt/asset ratio had reached 56.28%.

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