Oct. 24, 2012 (China Knowledge) - Sichuan Changhong Electric Co Ltd<600839
>, a home appliance manufacturer based in Mianyang
Province, has announced it will issue RMB 1 billion in medium-term notes with a maturity of three years in the interbank market on Oct 29.
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 750 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 250 million to replenish working capital, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA and AA, respectively.
Huaxia Bank Co Ltd<600015
> has been hired as lead underwriter and bookrunner for the offering.
This will be the issuer's second medium-term notes this year.