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GCL-Poly to issue RMB 400 mln in bonds

Feb. 8, 2012 (China Knowledge) - GCL-Poly Ltd said that it would issue RMB 400 million in unsecured bonds with a maturity of three years on the inter-bank market on February 14.

The firm 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 set at February 16, and the to-be-issued bonds are tradable on February 17.
China Chengxin International Credit Rating Co Ltd has rated the bills and the issuer AA and AA, respectively.

China CITIC Bank Corp<601998><0998> and Bank of China Ltd<601988><3988> have been hired as joint lead underwriters for the offering.
Proceeds from the offering will be used to replenish the firm's working capital, fund project construction and repay bank loans.

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