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Chongqing Machinery & Electric to issue RMB 600 mln MTN

Sep. 13, 2012 (China Knowledge) - Chongqing Machinery & Electric Co Ltd<2722>, which is engaged in the development of vehicle components and general machinery, has announced it will issue RMB 600 million worth of medium-term notes with a maturity of five years in the interbank market on Sep 20.

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 21, and the to-be-issued notes tradable Sep 24.

RMB 320 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 280 million to repay bank loans, said the issuer.

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

China Everbright Bank Co Ltd<601818> has been assigned as the lead underwriter and bookrunner. Shanghai Pudong Development Bank<600000> will be joint lead underwriter for the offering.

This will be the issuer's first medium-term notes this year.

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