Fuyao Glass to Issue 600 million RMB of 366-day Short Period Securities Loan on February 21th

(China Glass Network) Fuyao Group will issue 600 million RMB of 366-day short period securities loan on February 21, 2012, according to company announcement.

Payment and value date of the short period securities loan is February 22, 2012 ,Date of listed circulation is February 23, 2012 and Cash day is February 22, 2013. Interest rate of the issued debenture share will be confirmed on basis of bookkeeping file and the results of concentrated placement.

Composite rating from CCX state that Credit ratings of the securities loan is A-1 and Period credit level of the company is AA+. Bank of China is the managing underwriter of the issue.

Announcement of Fuyao Group state that 300 million of the raised money will be used to pay back bank loans of the parent company and the left 300 million to help increase storage of raw materials including sheet glass, PVB film, heavy oil and soda ash.