China Knowledge reported that Sany Group, the parent company of Sany Heavy Industry Co Ltd plans to issue CNY 5 billion worth of unsecured medium term notes with a maturity of five years on the interbank market on June 27.

The company said in a statement that the notes will be issued at face value and coupon rate will be determined in the process of book-building. Both value date and payment due date is June 28 and the to-be-issued notes tradable on June 29.

China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+ respectively. China Everbright Bank Co Ltd has been hired as book runner and lead underwriter for the offering and China CITIC Bank Corp will be joint lead underwriter.

The group plans to use CNY 2.5 billion of the proceeds to replenish its working capital and the remaining to purchase raw materials.

Source - China Knowledge

(www.steelguru.com)