May. 14, 2012 (China Knowledge) - Shenzhen-listed
Sunvim Group Co Ltd<002083
> has announced that it plans to issue RMB 300 million worth of unsecured medium-term notes with a maturity of three years on the interbank market on May 18.
The company 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 set on May 22, and the to-be-issued notes tradable May 23.
China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AA- and AA-, respectively.
China CITIC Bank Corp<601998
> has been hired as lead underwriter for the offering, and the Export-Import Bank of China will be joint lead underwriter.
The company plans to use RMB 250 million of the proceeds to repay bank loans and the remaining to replenish its working capital.
Sunvim Group said it plans to float RMB 300 million of medium-term notes in the fourth quarter.