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Sinotruk Successfully Raises 2nd Corporate Bond Offering in Hong Kong
Sinotruk (Hong Kong) Limited (“Sinotruk”, stock code “3808”) today announced that it has successfully placed a RMB-denominated 1.8 billion two-year corporate bond with a coupon rate of 4.5% to institutional investors on August 1, 2012. Sinotruk is one of the few large mainland non-financial institutions to complete a second “dim-sum” offering in Hong Kong. The bond received an overwhelmingly positive response from the market. The coupon rate of the Bond is 4.5% per annum. The issue date of the bond is August 1, 2012. The proceeds will be used for working capital, general corporate purposes and the repayment of outstanding indebtedness. Mr Ma Chunji, Chairman of Sinotruk, commented, “We are pleased to successfully raise funds again in the Hong Kong market since we, being the first large Chinese non-financial enterprise, have issued RMB corporate bonds in 2010. We have been able to access funds to help us steadily build our business over time. This successful offering, which is one of the largest ‘dim-sum’ corporate bonds at the two-year tenor to be issued so far this year, reduces the Group’s operating costs and demonstrates the confidence that investors in the capital markets have shown in us. We would also like to express our gratitude to the regulatory authorities and our various business partners for their strong support.” Bank of China and Industrial and Commercial Bank of China (Asia) Limited acted as Joint Global Coordinators. Bank of China, Industrial Commercial Bank of China (Asia) Limited, Morgan Stanley, Royal Bank of Scotland and Wing Lung Bank Limited are Joint Lead Managers and CCB International is co-lead manager of the issuance.
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