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Legend Holdings to issue RMB 2.3 bln bonds

Nov. 29, 2012 (China Knowledge) - Legend Holdings Ltd, the largest stakeholder of Chinese personal-computer maker Lenovo Group Ltd<0992>, has announced it plans to issue RMB 2.3 billion worth of corporate bonds with a maturity of ten years on the interbank market from Nov 30 to Dec 4, sources reported.

The issuer has option to increase coupon rate and redeem the bonds at the seventh year.

Coupon rate of the fixed-rate bonds will be in the range of 5.20% to 5.80% and will be determined in the process of book-building. Both value date and payment due date is set on Nov 30.

RMB 2.15 billion of the proceeds from the issue will be used to invest a project and the remaining RMB 150 million to replenish working capital, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and unsecured bonds AAA and AAA, respectively.

China Galaxy Securities Co has been assigned as the lead underwriter for the offering.

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