Sinochem Int'l to issue RMB 1 bln in notes

Oct. 27, 2009 (China Knowledge) - Sinochem International Corp<600500> yesterday announced that it plans to issue RMB 1 billion in five-year notes on the interbank market on Nov. 2, market sources reported.

The Shanghai-listed firm said in a statement that the medium-term notes will be issued at the face value and that the yield will be determined in the process of book building.

The notes will become tradable on Nov. 5, and both the value date and the payment due date will be Nov. 4, according to the company.  

The proceeds from the issuance will be used to replenish working capital and repay bank loans.

China Cheng Xin International Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.

Bank of Communications<601328><3328> has been assigned as major underwriter for the issuance.

Reportedly, Sinochem Group, the parent of Sinochem International, and other investors recently purchased a total of 4.74 million shares of Sinochem International or 0.33% of the total share capital. Sinochem Group and those investors now jointly hold a 55.76% stake or 801.55 million shares.