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China's Zhongxingxin Telecom Equipment to issue 400 mln yuan in short-term debt

Updated:2008/7/24 10:25

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Zhongxingxin Telecom Equipment Co Ltd, the largest shareholder of ZTE Corporation, said it plans to issue issue 400 mln yuan worth of 365-day debt on July 30.

In a statement published on the official Chinabond.com website, the company said that the yield will be determined via an auction on that day.

Proceeds from the bond issue will supplement working capital, the company said, noting that it has a working capital funding requirement of about 300 mln yuan this year.

Industrial and Commercial Bank of China (ICBC) will be the lead underwriter.

(1 usd = 6.8 yuan)

Source:XFN-ASIA

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