By Marisa Wong
Madison, Wis., Jan. 24 - Chaowei Power Holdings Ltd.'s subsidiary, Chaowei Power Co., Ltd., issued RMB 200 million of short-term financing notes on Friday, according to a company announcement.
The 365-day notes have a fixed coupon of 7.7%.
ICBC Ltd. is the bookrunner, according to a previous announcement.
This is Chaowei's second tranche of short-term financing notes. The company had registered to issue a total of RMB 800 million of short-term financing notes with China's National Association of Financial Market Institutional Investors. The first tranche, RMB 400 million of 4.9% one-year notes, settled on Feb. 26, 2013.
Proceeds will be used for general working capital.
Based in Changxing, Zhejiang, China, Chaowei is a motive battery manufacturer operating in the electric bike market in China.
| Issuer: | Chaowei Power Co., Ltd.
|
| Issue: | Short-term financing notes
|
| Amount: | RMB 200 million
|
| Maturity: | 365 days
|
| Coupon: | 7.7%
|
| Bookrunner: | ICBC Ltd.
|
| Settlement date: | Jan. 24
|
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