-Industrial Bank leads JinkoSolar's CNY300m bond issue.
BANKING AND CREDIT NEWS-April 24, 2012--Industrial Bank leads JinkoSolar's CNY300m bond issue(C)2012 M2 COMMUNICATIONS http://www.m2.com
24 April 2012 - Industrial Bank (SHA:601166) handled the bonds worth CNY300m (USD47.6m/EUR36.1m) issued by JinkoSolar Co Ltd on Monday, the parent of the Chinese solar product manufacturer JinkoSolar Holding Co Ltd (NYSE:JKS) said on Tuesday.
The Chinese lender acted as lead underwriter and bookrunner for the issue with standby commitment.
The company successfully sold unsecured short-term bonds that are due on 23 April 2013. The bonds' fixed annual interest rate of 6.3% is below the current benchmark one-year lending rate of 6.56%.
JinkoSolar has previously registered the bonds with the PRC National Association of Financial Market Institutional Investors. The company will use all funds raised through the offering for working capital.
JinkoSolar Co Ltd is a wholly owned subsidiary of JinkoSolar Holding Co Ltd, which is a vertically integrated solar power product manufacturer. Its cost-efficient operations are based in Jiangxi Province and Zhejiang Province in China. The company has sales and marketing offices in Shanghai, China, Munich, Germany, San Francisco, the US, Queensland, Australia, Ontario, Canada, Bologna, Italy, Montpellier, France and Zug, Switzerland. JinkoSolar's photovoltaic products, including silicon ingots, silicon wafers, solar cells and solar modules, are distributed around the world.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Apr 24, 2012|
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