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Shenyang Machine Tool to issue RMB 600 mln bills

Oct. 17, 2012 (China Knowledge) - Shenyang Machine Tool Co Ltd<000410>, which is engaged in manufacture and sale of metal processing machine tools, has announced it plans to issue RMB 600 million in short-term bills with a maturity of 365 days in the interbank market on Oct 24.

The company said in a statement that the bills 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 26, and the to-be-issued bills tradable Oct 29.

RMB 300 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 300 million to replenish working capital, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA and A-1, respectively.

Shanghai Pudong Development Bank Co Ltd<600000> has been hired as lead underwriter and bookrunner for the offering.

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