Sep. 12, 2012 (China Knowledge) - Hongdou Group, the parent company of Jiangsu Hongdou Industry Co<600400
>, has announced it will issue RMB 800 million worth of medium-term notes with a maturity of three years in the interbank market on Sep 18.
The company said in a statement 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 Sep 20, and the to-be-issued notes tradable Sep 21.
RMB 450 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 350 million to repay bank loans, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA and AA, respectively.
Agricultural Bank of China Ltd<601288
> has been assigned as the lead underwriter and bookrunner for the offering.
This will be the issuer's second medium-term notes this year.