May. 4, 2012 (China Knowledge) – Jiangsu
Fasten Group Co Ltd, a fiber and steel wire rope manufacturer based in Jiangsu
province, announced yesterday that it will issue RMB 500 million worth of unsecured notes with a maturity of three years on the interbank market on May 10.
Coupon rate will be determined in the process of book building. Both value date and payment due date is set on May.11, and the to-be-issued notes tradable May. 14.
RMB 300 million from the issue will be used to repay bank loans and RMB 200 million to replenish working capital, said the issuer.Shanghai
Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and notes AA- and AA-, respectively.
China Minsheng Banking Corp Ltd<600016
> and China Development Bank or CDB have been assigned as the joint lead underwriters for the offering.
This will be the issuer's first medium-term note this year.