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AVIC Heavy Machinery to issue RMB 1 bln corporate bonds

Feb. 7, 2012 (China Knowledge) - AVIC Heavy Machinery Co Ltd<600765>, principally engaged in cast and forge, hydraulic and new energy business, has announced plans to issue RMB 1 billion worth of corporate bonds on the interbank market from February 8 to February 10, sources reported.

The to-be-issued bonds consist of two tranches. The first tranche of RMB 500 million of corporate bonds will have a maturity of five years, and the issuer has rights to redeem these fixed-rate bonds, which will have a coupon rate of 5.39% to 6.29%, in the third year.

Coupon rate of the second tranche of floated-rate bonds worth RMB 500 million will be determined in the process of book-building.

Around 10% of the two tranches of bonds will be issued online, while the remaining 90% offline, sources reported.

Proceeds from the issuance will be used to repay bank loans and replenish working capital, said the issuer.

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

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