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Zhangzhou Jiulongjiang Construction to issue RMB 600 mln MTN

May. 16, 2012 (China Knowledge) - Zhangzhou Jiulongjiang Construction Co, formerly known as Zhangzhou Pientzehuang Group Co, the parent of Zhangzhou Pientzehuang Pharmaceutical Co<600436>, has announced that it plans to issue RMB 600 million worth of unsecured medium-term notes with a maturity of five years on the interbank market on May 22.

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 May 23, and the to-be-issued notes tradable on May 24.

China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA and AA, respectively.

Industrial Bank Co Ltd<601166> has been hired as book-runner and lead underwriter for the offering.

The company plans to use RMB 200 million of the proceeds to repay bank loans and RMB 400 million to replenish the working capital of two subsidiaries.

The company booked a net profit of RMB 230 million in the first nine months of 2011, and its operating revenue was RMB 1.47 billion in the period.

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