Apr. 18, 2012 (China Knowledge) - Lifan Industry (Group) Co Ltd<601777>, a top motorbike manufacturer in China, has announced plans to issue RMB 700 million worth of notes with a maturity of three years on the interbank market on Apr. 24.
Coupon rate will be determined in the process of bookbuilding. Both value date and payment due date is set on Apr. 25, and the to-be-issued notes tradable on Apr. 26.
Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA- and AA-, respectively.
Export-Import Bank of China, one of the three government policy banks in China, has been assigned as the lead underwriter and bookrunner. China CITIC Bank Co Ltd<601998
> will be the joint lead underwriter.
This will be the issuer's first medium-term note this year.
As of to date, the issuer has RMB 800 million in bonds.