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XJ Electric to issue RMB 500 million in bills

Sep. 27, 2011 (China Knowledge) - XJ Electric Co Ltd<000400>, primarily engaged in research, development, manufacture and distribution of automation, protection and controlling products for electric power systems, will issue RMB 500 million worth of 366-day bills on the interbank market on Sep. 29.

In a statement filed with the Shenzhen Stock Exchange, the issuer said coupon rate would be determined in the process of book building. Both value date and payment due date will be Sep. 30, and the to-be-issued bills tradable on Oct. 8.

Proceeds from the issue will be used to repay bank loans, said XJ Electric.

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

Shanghai Pudong Development Bank<600000> and the Bank of Shanghai have been mandated as the lead underwriters.

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