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Tongcheng Industrial Group to issue RMB 300 mln in MTN

May. 4, 2012 (China Knowledge) - Changsha Tongcheng Industrial Group Co Ltd announced that it plans to issue RMB 300 million worth of secured medium-term notes with a maturity of three years on the interbank market on May 11.

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

Both value date and payment due date is May 14, and the to-be-issued notes are tradable on May 15.

Dagong Global Credit Rating Co Ltd has rated the issuer and notes AA- and AAA, respectively.

Proceeds from the offering will be used to replenish the group's working capital and repay bank loans.

Bank of China Ltd<601988><3988> has been hired as book-runner and lead underwriter for the offering.

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