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Guangdong Orient Zirconic to issue RMB 490 mln bonds

Sep. 27, 2012 (China Knowledge) - Guangdong Orient Zirconic Industry Science & Technology Co<002167> has announced it plans to issue RMB 490 million worth of corporate bonds with a maturity of seven years on the interbank market from Oct.8 to Oct. 10, sources reported.

The issuer has option to increase coupon rate and redeem the bonds at the fifth year.

Coupon rate of the fixed-rate bonds will be in the range of 6.70% to 7.60% and will be determined in the process of book-building. Both value date and payment due date is set on Oct 8.

All the proceeds from the issue will be used to replenish working capital, said the issuer.

Pengyuan Credit Rating Co has rated the issuer and unsecured bonds AA and AA, respectively.

Guangzhou Securities Co and Sealand Securities Co have been assigned as the lead underwriter for the offering.

In the first half of this year, the Shenzhen listed company saw its operation revenue surge 42% YoY to RMB 143.27 million, and its net profit attributable to shareholders jumped 80% YoY to RMB 20.61 million.

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