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Liaoning Zhongwang Group to issue RMB 2 bln notes

Jun. 14, 2012 (China Knowledge) – Liaoning Zhongwang Group Co Ltd, a subsidiary company of China Zhongwang Holdings Ltd<1333>, the largest aluminum extrusion products manufacturer in Asia, announced that it plans to issue RMB 2 billion worth of medium-term notes with a maturity of three years on the interbank market on Jun 21.

According to a statement, the company said that the notes will be issued at the face value, and the coupon rate will be determined in the process of book-building. Both value date and payment due date is set on Jun 25 and the to-be-issued notes tradable Jun 26.

RMB 1 billion of the proceeds will be used to repay bank loans while the remaining RMB 1 billion will be used to purchase raw material, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer and the bills AA and AA, respectively.

Bank of China Ltd<601988><3988> has been assigned as lead underwriter and bookrunner. Industrial and Commercial Bank of China or ICBC<601398><1398> will be the joint lead underwriter for the offering.

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

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