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China National Machinery issues RMB 1.1 bln corporate bonds

Apr. 23, 2012 (China Knowledge) - China National Machinery Industry Corp, the nation's biggest machinery manufacturer, today began issuing RMB 1.1 billion worth of corporate bonds with a maturity of seven years on the interbank market from Apr. 23 to Apr. 25, sources reported.

Coupon rate for the first five years of the bonds will be the Shanghai Interbank Offered Rate (SHIBOR) minus 20 basic points (bp). The issuer has rights to redeem the fixed-rate bonds at the fifth year or up-regulate the coupon rate by up to 100 bps.

Coupon rate will be determined in the process of book-building and both value date and payment due date will be Apr. 23.

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 bonds AAA and AAA, respectively.

China Securities Co Ltd has been assigned as the lead underwriter and bookrunner.

At the end of 2010, the issuer had RMB 131.36 billion in total assets and RMB 31.84 billion in net asset. The firm's debt/asset ratio was 75.76%.

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