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Triangle Tyre to issue RMB 500 mln in bonds

Jan. 17, 2012 (China Knowledge) - Triangle Tyre Co Ltd, a leading tyre supplier in China, has said that it will issue RMB 500 million worth of bonds on the interbank bond market with a maturity of three years on January 19.

The company said in a statement that the bonds will be issued at face value, and the coupon rate will be determined during the process of bookbuilding.

Both value date and payment due date is January 20, and the to-be-issued bonds are tradable on January 21.

The company will use the proceeds to replenish its working capital and repay bank loans.

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

Industrial and Commercial Bank of China<601398><1398> has been hired as lead underwriter for the deal.

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