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Chongqing Chemical & Pharmaceutical to issue RMB 1 bln MTN

Nov. 20, 2012 (China Knowledge) - Chongqing Chemical & Pharmaceutical Holdings Group Co, a state-owned enterprise under the Chongqing State-owned Assets Supervision and Administration Commission, has announced it plans to issue RMB 1 billion in medium-term notes with a maturity of five years in the interbank market on Nov 27.

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 28, and the to-be-issued notes tradable Nov 29.

RMB 900 million of proceeds from the issue will be used to repay bank loans, while the remaining RMB 100 million to replenish working capital, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA+ and A-1, respectively.

China Everbright Bank Co Ltd<601818> has been assigned as the lead underwriter and book-runner. Industrial Bank Co Ltd<601166> will be joint lead underwriter for the offering.







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