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ChemChina to issue RMB 2.5 bln notes

Aug. 23, 2012 (China Knowledge) - China National Chemical Corp, also known as ChemChina, the largest chemical company in the country, has announced  that that it plans to issue RMB 2.5 billion worth of unsecured medium-term notes with a maturity of ten years on the interbank market on Aug. 29.

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

Both value and payment due date is on Aug. 31 and the to-be-issued notes tradable Sep. 3.

China Lianhe Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.

The Export-Import Bank of China has been hired as book-runner and lead underwriter for the offering, and Bank of China Ltd<601988><3988> will be joint lead underwriter.
This will be the first medium-term notes issued by the group this year.

In the first quarter of this year, the group booked a loss of RMB 150 million on operating revenue of RMB 53.23 billion.

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