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Tianjin Pipe to issue RMB 500 mln in short-term bills

Sep. 7, 2009 (China Knowledge) -Tianjin Pipe (Group) Corp, the country's largest seamless steel pipe manufacturer, announced that it will issue RMB 500 million in 365-day short-term bills on the interbank market on Sep. 9.

The company said in a statement that this batch of bonds will be issued at face value and that the coupon rate will be determined during the process of book building.

The bonds will become tradable on Oct. 14. The proceeds from the issuance will be used to replenish the firm's working capital and repay bank loans, according to the company. 

Dagong Global Credit Rating Co has rated the bills and the issuer AA and A-1, respectively. Industrial Bank Co<601166> has been assigned as the main underwriter for the sale.

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