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The Board is pleased to announce that Jiangsu Rongsheng Heavy Industries proposes to issue the first tranche of the Notes on 28 March 2012 in the national inter-bank market in the PRC, after having registered the proposed issue with the Association. The Notes are expected to be issued in two tranches and underwritten by Minsheng Bank pursuant to an underwriting agreement and a supplemental agreement between Jiangsu Rongsheng Heavy Industries and Minsheng Bank on 12 April 2011. The principal terms of the first tranche of the Notes to be issued are as follows: Issuer: Jiangsu Rongsheng Heavy Industries Aggregate maximum principal amount of the Notes which have been registered with the Association: RMB 3.6 billion Principal amount of the first tranche of the Notes: RMB 2.0 billion Place of issue: The PRC Term of the first tranche of the Notes: 3 years (From 29 March 2012 to 29 March 2015) Interest rate: Fixed interest rate will be adopted. The interest rate will be determined by the results of book building. Date of proposed issue: 28 March 2012 Credit rating: As assessed by China Lianhe Credit Rating Co., Ltd., the first tranche of the Notes has been given AA rating and the issuer of the Notes has been given AA rating. The credit outlook is classified as stable. Use of proceeds: Jiangsu Rongsheng Heavy Industries intends to use the proceeds received to fund its general working capital requirements and to repay part of its loans with higher interest rates. In connection with issuing the first tranche of the Notes, Jiangsu Rongsheng Heavy Industries will publish, among others, an offering circular in the PRC on 21 March 2012 to provide investors with certain information concerning the terms and conditions of the Notes, credit rating report, legal opinion and the financial information of Jiangsu Rongsheng Heavy Industries and its subsidiaries for the years ended 31 December 2008, 2009 and 2010, and the nine months ended 30 September 2011. The announcement to be issued by Jiangsu Rongsheng Heavy Industries and the relevant documents of the Notes will be posted on www.chinabond.com.cn and www.chinamoney.com.cn on 21 March 2012. Set out below is the key unaudited financial information of Jiangsu Rongsheng Heavy Industries and its subsidiaries for the period from 1 January to 30 September 2011 as included in the offering materials. Financial information are prepared in accordance with the PRC GAAP and have not been audited. Rongsheng press release |
Proposed Issue of Medium-term Notes in the PRC