Jiangsu Hongtu High Technology Co Ltd<600122
> has announced that it plans to issue RMB 300 million worth of unsecured medium-term notes with a maturity of three years on the interbank market on Jul. 24
The company said in a statement that the notes will be issued at face value and coupon rate will be determined during the process of book-building.
Both value date and payment due date is Jul. 26 and the to-be-issued notes tradable on Jul. 27.
China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AA- and AA-, respectively.
China CITIC Bank Corp<601998
> has been hired as book-runner and lead underwriter for the deal and Industrial Bank Co Ltd<601166
> will be joint lead underwriter.
Proceeds from the deal will be used to replenish the company's working capital and repay bank loans.
This will be the second medium-term notes issued by the company this year.