China Knowledge reported that Shaanxi Coal and Chemical Industry Group Co said yesterday that it will issue CNY 500 million worth of medium-term notes with a maturity of five years on November 11.

The company said in a statement that the notes will be issued at face value and the coupon rate be determined during the process of bookbuilding.

Both value date and payment due date is November 14 and the to-be-issued notes tradable on November 15. The company will use the proceeds to replenish its working capital and repay bank loans.

China Lianhe Credit Rating Co Ltd has rated the issuer and notes AAA and AAA respectively. Industrial Bank Co Ltd has been hired as lead underwriter for the offering, and China Merchants Bank will be joint lead underwriter.

(Sourced from China Knowledge)