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Sinochem Corp to issue RMB 3 bln MTN

Apr. 10, 2012 (China Knowledge) - Sinochem Corp, a subsidiary of state-owned Sinochem Group, China's largest agricultural chemical conglomerate, announced that it will issue RMB 3 billion worth of unsecured medium-term notes with a maturity of five years on Apr. 12.

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 Apr. 13, and the to-be-issued notes tradable on Apr. 16.
China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.
CITIC Securities Co<600030><6030> and Industrial and Commercial Bank of China<601398><1398> will be joint lead underwriters for the offering.

The company plans to use RMB 2 billion of the proceeds to repay bank loans and the remaining RMB 1 billion to replenish its working capital.

In a separate statement, Sinochem Corp said that it also plans to issue RMB 3 billion in 365-day short-term bills on Apr. 12.

Sinochem Corp set up by Sinochem Group in June 2009 is planned as the vehicle for a potential group listing.

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