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Hangzhou Steam Turbine & Power Group to issue RMB 900 mln MTN

Jun. 27, 2012 (China Knowledge) - Hangzhou Steam Turbine & Power Group, the parent company of Hangzhou Steam Turbine Co Ltd<200771>, announced today that it plans to issue RMB 900 million worth of unsecured medium-term notes with a maturity of three years on the interbank market on Jul. 4.

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 Jul. 6 and the to-be-issued notes tradable on Jul. 9.

Dagong Global Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.
China CITIC Bank Corp<601998><0998> has been hired as book-runner and lead underwriter for the offering.

Proceeds from the deal will be used to replenish the company's working capital and repay bank loans.

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