Huaxin Cement to issue CNY600m notes

Huaxin Cement to issue CNY600m notes
Published: 20 October 2010

Huaxin Cement Co today that it will issue CNY600m (US$90.2m) in five-year mid-term notes on the interbank market on October 22, sources reported. The company said in a statement that the coupon rate of the notes will be determined during the process of book building. CNY400m from the proceeds will be used to pay back bank loan, and CNY200m will be allotted for its subsidiaries to purchase raw materials, said the firm. China Chengxin International Credit Rating Co has rated the issuer and the bills AA- and AA-, respectively. China Merchants Bank Co and CITIC Securities Co have been assigned as the joint major underwriters for the sale.