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China High-Tech Group to issue RMB 500 mln 2nd MTN

Oct. 23, 2012 (China Knowledge) - China High-Tech Group Corporation, which was engaged in machinery, textile, real estate and investment, has announced it will issue RMB 500 million in medium-term notes with a maturity of seven years in the interbank market on Oct 30.

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 31, and the to-be-issued notes tradable Nov 1.

RMB 200 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 300 million to repay bank loans, said the issuer.

Dagong Global Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.

Bank of Beijing Co Ltd <601169> has been hired as lead underwriter and bookrunner. Huaxia Bank Co Ltd<600015> will be the joint lead underwriter for the offering.
This will be the issuer's second medium-term notes this year.

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