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Zhejiang Machinery & Electrical Group to issue RMB 300 mln bills

Nov. 28, 2012 (China Knowledge) - Zhejiang Machinery and Electrical Group has said it will issue RMB 300 million in unsecured bills with a maturity of 365 days in the interbank market on Nov. 30.

The company said that the bills 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 Dec. 4, and the to-be-issued bills tradable Dec. 5.

RMB 86 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 214 million to repay bank loans, said the issuer.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA- and A-1, respectively.

China CITIC Bank Corp<601998><0998> has been assigned as the lead underwriter and book-runner for the offering.







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