China Knowledge reported that Shenyang Machine Tool Co Ltd engaged in manufacture and sale of metal processing machine tools plans to issue CNY 900 million worth of notes with a maturity of five years on the interbank market on November 15.

Coupon rate will be determined in the process of book-building. Both value date and payment due date is November 17 and the to be issued notes tradable on November 18.

The issuer said proceeds from the issue will be used to repay bank loans and replenish working capital. China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AA and AA respectively.

Pudong Development Bank Co Ltd has been assigned as the lead underwriter and bookrunner.

This will be the issuer first medium term note this year.

(Sourced from China Knowledge)