By Marisa Wong
Morgantown, W.Va., Oct. 19 – Chaowei Power Holdings Ltd. completed its RMB 700 million offering of 7% three-year notes on Wednesday, according to a company announcement.
The company had registered to issue RMB 1.4 billion of medium-term notes and initially planned to issue the first tranche totaling RMB 700 million on Monday.
The first-tranche notes were issued through subsidiary Chaowei Power Co., Ltd.
The company named China Merchants Bank Co., Ltd. and China Merchants Securities Co., Ltd. as underwriter and bookrunner.
Proceeds will be used for general working capital, as previously noted.
Based in Changxing, China, Chaowei is a motive battery manufacturer operating in the electric bike market in China.
| Issuer: | Chaowei Power Co., Ltd.
|
| Issue: | Medium-term notes, first tranche
|
| Amount: | RMB 700 million
|
| Maturity: | Three years
|
| Agents: | China Merchants Bank Co., Ltd. and China Merchants Securities Co., Ltd.
|
| Coupon: | 7%
|
| Settlement date: | Oct. 18
|
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