China Knowledge reported that Henan Weihua Heavy Machinery Co Ltd and Henan Crane Co Ltd plans to issue a total of CNY 300 million worth of notes with a maturity of two years on the interbank market on October 26.

Coupon rate will be determined in the process of book building. Both value date and payment due date is October 27 and the to-be-issued notes tradable on October 28.

The issuers said proceeds from the issue will be used to repay bank loans and replenish working capital. China Bond Insurance Co Ltd provides unconditional and irrevocable guarantee for the notes.

China Lianhe Credit Rating Co Ltd has rated Henan Weihua Heavy Machinery and Henan Crane A- and BBB+ respectively. The notes have been rated AAA. China Construction Bank Corp one of the Big Four state-owned banks in China has been assigned as the lead underwriter.

(Sourced from China Knowledge)