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Hunan Salt Group to issue RMB 600 mln notes

May. 17, 2012 (China Knowledge) – Hunan Salt Group Co Ltd announced yesterday that it will issue RMB 600 million worth of notes with a maturity of five years in the interbank market on May. 23.

Coupon rate will be determined in the process of bookbuilding and the notes will be issued at face value. Both value date and payment due date is set on May. 24 and the to-be-issued notes tradable May. 25.

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

China Development Bank has been hired as lead underwriter. China CITIC Bank Corp<601998><0998> will be the joint lead under writer for the offering.

RMB 400 million of the proceeds will be used to repay bank loans and the remaining RMB 200 million will be used to replenish working capital, said the issuer.

This will be the issuer's first medium-term notes this year.

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