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Nantong Zongyi Inv’t to issue RMB 750 mln MTN

Nov. 19, 2012 (China Knowledge) - Nantong Zongyi Investment Co Ltd<600770>, a software and solar cell producer in Jiangsu Province, has announced it plans to issue RMB 750 million in medium-term notes with a maturity of three years in the interbank market on Nov 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 Nov 27, and the to-be-issued notes tradable Nov 28.

RMB 350 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 400 million to repay bank loans, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA- and AA-, respectively.

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

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