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Chenming Paper to issue RMB 1.1 bln MTN

Jun. 20, 2012 (China Knowledge) - Shandong Chenming Paper Holdings Ltd<000488><200488><1812>, a leading paper producer in China, has said that it plans to issue RMB 1.1 billion worth of unsecured medium-term notes with a maturity of five years on the interbank market on Jun. 27.

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 Jun. 28 and the to-be-issued notes tradable on Jun. 29.

China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.
China Minsheng Banking Corp Ltd<600016><1988> has been hired as book-runner and lead underwriter for the offering.

The company plans to use RMB 200 million of the proceeds to replenish its working capital and the remaining RMB 900 million to repay bank loans.

The paper maker's net profit plunged 93.47% YoY to RMB 15.37 billion in the first quarter of this year, widening from a 47.71% drop in 2011.

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