Oct. 17, 2012 (China Knowledge) - Sanhua Holding Group, the parent company of Zhejiang Sanhua Co<002050
>, has announced it will issue RMB 400 million in medium-term notes with a maturity of three years in the interbank market on Oct 19.
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 Oct 23, and the to-be-issued notes tradable Oct 24.
RMB 300 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 100 million to replenish working capital, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AA and AA, respectively.
China Merchants Bank Co Ltd<600036
> has been hired as lead underwriter and bookrunner for the offering.
This will be the issuer's second medium-term notes this year.