China's Maoye Shangsha to issue RMB 800 million of short-term notes

By Marisa Wong

Madison, Wis., Feb. 9 - Maoye International Holdings Ltd. announced that its wholly owned subsidiary, Shenzhen Maoye Shangsha Co. Ltd., will issue RMB 800 million of notes on Feb. 15.

This will be Maoye Shangsha's first tranche of notes. The subsidiary plans to issue a total of up to RMB 1.6 billion of the notes in China.

The notes will have a tenor of 366 days and will bear interest at a fixed rate.

Proceeds will be used to repay bank loans and for general working capital purposes.

China Cheng Xin International Credit Rating Co. Ltd. has assigned an A-1 rating to the first tranche of notes and an AA rating to the issuer.

Maoye is a department store based in Shenzhen, China.

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