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Zhejiang Hengyi Group to issue RMB 600 mln notes

Sep. 5, 2012 (China Knowledge) - Zhejiang Hengyi Group Co, the parent company of Hengyi Petrochemical Co Ltd<000703>, has said that it plans to issue RMB 600 million worth of unsecured medium-term notes with a maturity of five years on the interbank market on Sep. 11.

The company said in a statement that the notes will be issued at face value, and coupon rate determined through the process of book-building.
Both value and payment due date is on Sep. 12 and the to-be-issued notes tradable Sep. 13.

Dagong Global Credit Rating Co Ltd has rated the issuer and notes AA and AA, respectively.
Bank of China Ltd<601988><3988> and the Export-Import Bank of China have been hired as joint lead underwriters for the offering.
The group plans to use RMB 300 million of the proceeds to repay bank loans and RMB 300 million to replenish its working capital.

This will be the first medium-term notes issued by the company this year.

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