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Zhejing Rongsheng Holding to issue RMB 900 mln notes

Jun. 12, 2012 (China Knowledge) – Zhejiang Rongsheng Holding Group Co, which engages in petrochemical, polyester, spinning and texturizing, announced yesterday that it will issue RMB 900 million worth of notes with a maturity of three years on the interbank market on Jun 14.

Coupon rate will be determined in the process of book-building and the notes will be issued at face value. Both value date and payment due date is set on Jun 15 and the to-be-issued notes tradable Jun 18.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and notes AA and AA, respectively.

Bank of China (BOC) <601988><3988> and China Merchants Bank<600036><3968> have been hired as joint lead underwriter for the offering.

RMB 600 million of the proceeds will be used to repay bank loans while the reaming RMB 300 million will be used to replenish working capital, said the issuer.

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

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