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Jiangsu Rongsheng Heavy to issue RMB 2 bln in MTN

Mar. 21, 2012 (China Knowledge) - Jiangsu Rongsheng Heavy Industries Co, the core unit of China Rongsheng Heavy Industries Group Co Ltd<1101>, the country's largest private-owned maritime equipment manufacturer, said that it will issue RMB 2 billion worth of unsecured medium-term notes with a maturity of three years on Mar. 28.

The company said in a statement that the notes will be issued at face value, and the coupon rate be determined during the process of book-building.

Both value date and payment due date is Mar. 29, and the to-be-issued notes tradable on Mar. 30.
China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA and AA, respectively.
China Minsheng Banking Corp Ltd<600016><1988> has been hired as lead underwriter for the offering.
The company plans to use RMB 1.5 billion of proceeds from the deal to replenish its working capital and the remaining RMB 500 million to repay bank loans.

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