May. 15, 2012 (China Knowledge) – China North Industries Group Corp, the nation's largest arms manufacturer,announced that it plans to issue RMB 1.5billion worth of short-term bills with a maturity of 365 days on the interbank market on May 18.

The arms manufacturer said in a statement that the bills will be issued at the face value, and the coupon rate will be determined in the process of bookbuilding.

Both value date and payment due dateisset on May 21, and the to-be-issued bills tradable May 22.

China Cheng Xin International Credit Rating Co Ltd has rated the issuer and the bills AAA and A-1, respectively.

China Everbright Bank Co Ltd<601818> and Agricultural Bank of China Ltd<601288><1288> have been assigned as the joint lead underwriterfor the offering.

The company said that all the proceeds will be used to replenish working capital.