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China National Erzhong to issue RMB 1 bln MTN

Sep. 19, 2012 (China Knowledge) - China National Erzhong Group Company<601268>, the largest heavy machine-building base in China has announced it will issue RMB 1 billion in medium-term notes with a maturity of five years in the interbank market on Sep 25.

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 26, and the to-be-issued notes tradable Sep 27.

RMB 200 million of the proceeds from the issue will be used to replenish the working capital, RMB 400 million to repay bank loans, while the remaining RMB 400 million to invest several projects, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.

Bank of Communications<601328><3328> and CITIC Securities Co<600030> have been hired as lead underwriter and bookrunner for the offering.

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