-Industrial Bank handles CNY300m debt sale by Jinko Solar.
M2 EQUITYBITES-January 14, 2011--Industrial Bank handles CNY300m debt sale by Jinko Solar(C)2011 M2 COMMUNICATIONS http://www.m2.com
14 January 2011 - China's Industrial Bank (SHA:601166) has managed the CNY300m (USD45.5m/EUR34m) bond offer by Jinko Solar, its parent, silicon wafers, solar cells and solar modules maker Jinkosolar Holding Co (NYSE:JKS), said on Thursday.
The bond carries a 5.28% coupon and falls due on 14 January 2012. Jinko Solar will use the bulk of the money raised through the issue for working capital and spend the balance to pay obligations to banks.
The deal is part of a CNY600m registered one-year unsecured bond issue allowing for a two-part sale of debt in the domestic interbank bond market. The solar firm will sell the next portion of CNY300m bonds from February till December.
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