China Knowledge reported that China First Heavy Industries Co Ltd, the country largest heavy machinery maker will issue CNY 2.5 billion worth of secured fixed-rate corporate bonds from December 20 to December 22.

The company said in a statement that the bonds will have a maturity of five years and coupon rate will be set between 5.00% and 5.50%. The bonds will be issued at face value.

Dagong Global Credit Rating Co Ltd has rated the issuer and bonds AAA and AAA respectively.

The company plans to use proceeds from the deal to repay bank loans and replenish its working capital.

BOC International Holdings has been hired as lead underwriter for the offering.

(Sourced from China Knowledge)