Weichai Power intends to issue medium-term notes of no more than 2.7 billion yuan, which was approved by the company's first extraordinary shareholders meeting in 2009.
On the evening of February 11, Weichai Power Co., Ltd. (Shenzhen Stock Exchange code: 000338, hereinafter referred to as Weichai Power) issued an announcement on the matter.
The medium-term notes issued by Weichai Power is a five-year period. The issuance interest rate is determined by the market pricing, and the proposed method of payment is annual interest-repayment and expiry repayment. The issuance of medium-term notes is underwritten by China Merchants Bank Co., Ltd. It will be publicly issued on the national inter-bank bond market using the balance underwriting method.
Weichai Power stated that the issuance of medium-term notes is to broaden the financing channels, meet the company's production and operation needs, and promote the sound development of the company. The raised funds will be used to supplement the company's interim liquidity, repay the company's borrowings, improve the company's debt structure, and other expenses permitted by the provisions of the medium-term notes.
The Weichai Power Third Quarterly Report shows that the total liabilities attributable to the parent company at the end of the period were RMB 8.455 billion, of which, the liabilities required to be repaid within one year amounted to RMB 7.636 billion. In the same period, the company’s current assets were 8.485 billion yuan.
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