May. 18, 2012 (China Knowledge) - Tianjin
Pharmaceuticals Group Co Ltd, controlled by state-owned Tianjin
Jinyao Group, has announced plans to issue RMB 200 million worth of 365-day unsecured bills in the interbank market on May 25.
Coupon rate will be determined in the process of book-building. Both value date and payment due date is set on May 28, and the to-be-issued bills tradable May 29.
Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and bills AA- and A-1, respectively.
China Merchants Bank<600036
> has been assigned as the lead underwriter and bookrunner.
This will be the issuer's first short-term bill this year, sources reported.