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Huiyin Household Appliances to issue RMB 390 mln notes

Aug. 13, 2012 (China Knowledge) - Huiyin Household Appliances Holdings Co Ltd, an integrated retail chain operator and distributor of quality home appliances and consumer electronic products based in Yangzhou, Jiangsu Province, says it will issue RMB 390 million in medium-term notes with a maturity of three years on the interbank market on Aug 20.

The company said that the notes will be issued at face value, and the coupon rate determined in the process of book-building.

Both value and payment due date is set on Aug 22, and the to-be-issued notes tradable Aug 23.

RMB 290 million of the proceeds from the issue will be used to expand sales network, while the rest of RMB 100 million to repay bank loans, said the issuer.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bonds A and AA+, respectively.

Bank of Communications<601328><3328> has been assigned as the lead underwriter and bookrunner for the offering.

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