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Taiyuan Heavy Industry to issue RMB 500 mln notes

Feb. 2, 2012 (China Knowledge) - Taiyuan Heavy Industry Co Ltd<600169>, principally engaged in the manufacture and distribution of heavy machineries, has announced plans to issue RMB 500 million worth of unsecured notes with a maturity of five years on the interbank market on Feb. 8.

Coupon rate will be determined in the process of book-building. Both value date and payment due date is set on be Feb. 9, and the to-be-issued notes tradable on Feb. 10.

Proceeds from the issue will be used to replenish working capital, said the issuer.

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

Industrial Bank Co Ltd<601166> has been assigned as the lead underwriter and bookrunner.

This will be the issuer's first medium-term note this year.

In the first three quarters of 2011, the Shanghai-listed issuer reaped RMB 342 million in net profit attributable to shareholders, down 35% from a year earlier, and the firm's operating revenue for the period totaled RMB 6.49 billion.

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