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Xinjiang Chalkis to issue RMB 400 mln bills

Oct. 31, 2011 (China Knowledge) - Xinjiang Chalkis Co Ltd<000972>, primarily engaged in the production and distribution of tomato products under the Chalkis brand, has announced plans to issue RMB 400 million worth of 366-day unsecured bills on the interbank market on Nov. 3, sources reported.

Coupon rate will be determined in the process of book building. Both value date and payment due date is set at Nov. 7, and the to-be-issued bills tradable on Nov. 8.

Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.

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

China Merchants Bank<600036><3968> has been assigned as the lead underwriter.

This will be the issuer's first short-term bill this year.

At the end of June 2011, Shenzhen-listed Xinjiang Chalkis, based in the Xinjiang Uygur Autonomous Region, had RMB 5.11 billion in total assets and RMB 3.91 billion in total liabilities, and its debt/asset ratio was 76.5%.

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