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Black Peony to issue RMB 900 mln MTN

Oct. 19, 2012 (China Knowledge) - Black Peony(Group) Co Ltd<600510>, a modern manufacturer of yarns and denim fabrics, has announced it will issue RMB 900 million in medium-term notes with a maturity of three years in the interbank market on Oct 26.

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 29, and the to-be-issued notes tradable Oct 30.

RMB 200 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 700 million to repay bank loans, said the issuer.

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

Industrial Bank Co Ltd<601166> has been hired as lead underwriter and bookrunner for the offering.

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