May. 18, 2012 (China Knowledge) – TaizhouKouan Shipbuilding Co Ltd, which is mainly engaged in building various motored vessel, announced its plan to issue RMB 300 million in short-term bills with a maturity of 365 days on the interbank market on May 25.

According to a statement, the company said 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 date is set on May 28, and the to-be-issued bills tradable May 29.

RMB 150 million of the proceeds will be used to repay bank loans and the rest RMB 150 million will be used to replenish working capital, said the issuer.

Dagong Global Credit Rating CoLtd has rated the issuer and the bills AA- and A-1, respectively.

Bank of China (BOC)<601988><3988>has been assigned as the lead underwriter and bookrunner for the offering.

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