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Zhejiang Fuchunjiang Communication to issue RMB 600 mln bills

Jun. 28, 2012 (China Knowledge) - Zhejiang Fuchunjiang Communication Group Co Ltd said that it plans to issue RMB 600 million worth of unsecured short-term bills with a maturity of 365 days on the interbank market on Jul. 5.
Coupon rate will be determined in the process of book-building and the bills be issued at face value.

Both value date and payment due date is Jul. 9 and the to-be-issued bills tradable on Jul. 10.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills A+ and A-1, respectively.

China CITIC Bank Corp<601998><0998> has been hired as book-runner and lead underwriter for the offering, and China Minsheng Banking Corp Ltd<600016><1988> will be joint lead underwriter.
Proceeds from the deal will be used to replenish the company's working capital and repay bank loans.

In the first nine months of 2011, the group's net profit was RM 63.86 million and its operating revenue was RMB 2.80 billion.

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