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Pangda Automobile Trade to issue RMB 2.2 bln corporate bonds

Feb. 28, 2012 (China Knowledge) - Pangda Automobile Trade Co Ltd<601258>, China's listed largest car distributor, has announced plans to issue RMB 2.2 billion worth of corporate bonds on the interbank market starting from Mar. 1 to Mar. 5, according to a statement filed with the Shanghai Stock Exchange.

According to the plans, the issuer will issue RMB 300 million of floated-rate bonds with a maturity of six years, RMB 1.6 billion fixed-rate five-year bonds and RMB 300 million fixed-rate bonds with a maturity of seven years.

The five-year bonds will have a coupon rate between 7.50% and 8.50%, while the coupon rate range for the seven-year bonds will reach 7.80% to 8.80%. The final coupon rate will be determined in the process of book-building.

Both value date and payment due date will be Mar. 1.

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

Haitong Securities Co Ltd<600837> has been assigned as the sponsor and the joint leader underwriter. Swiss investment bank UBS AG will also be the joint lead underwriter.

As of Jun. 30, 2010, the issuer had RMB 9.57 billion in net asset. The firm's average net profit attributable to shareholders was RMB 949.87 million in the three-year period from 2008 to 2010.






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