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TCL to issue 1st short-term bills worth RMB 600 mln

Sep. 16, 2011 (China Knowledge) - TCL Corp<000100>, a major Chinese TV and mobile phone manufacturer, plans to issue its first batch of short-term bills this year with a maturity of 366 days on the interbank market on Sep. 21.

In a statement, the Shenzhen-listed firm said the coupon rate will be determined in the process of book building. Both value date and payment due date will be Sep. 22, and the to-be-issued bills tradable on Sep. 23.

Proceeds from the issue will be used to replenish working capital and optimize debt structure.

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

China Development Bank will be the lead underwriter.

The bill to be issued is part of RMB 1.2 billion short-term debts approved by the shareholders of TCL on Mar. 25, 2011.

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