May. 23, 2012 (China Knowledge) – Guangdong
Hongda Xingye Group, which is principally engaged in China's chemical and energy industry, announced yesterday that it will issue RMB 700 million worth of medium term notes with a maturity of three years on the interbank market on May. 29.
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. 30 and the to-be-issued notes tradable May. 31.
RMB 210 million of the proceeds will be used to replenish working capital, RMB 210 million will be used to repay bank loans and the remaining RMB 280 million will be used to invest a PVC project in Ordos
, Inner Mongolia
Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and notes AA and AA, respectively.
China Construction Bank<601939
>, has been hired as lead underwriter and bookrunner for the offering.
This will be the issuer's first medium-term notes this year.