Feb. 9, 2012 (China Knowledge) - Shandong
Weiqiao Pioneering Group Co Ltd, the parent company of China's biggest cotton textile manufacturer Weiqiao Textile Co Ltd<2698
>, said today that it will issue RMB 1 billion worth of short-term bills with a maturity of 270 days on February 14.
The company said in a statement that the bills will be issued at face value, and the coupon rate be determined during the process of bookbuilding.
Both value date and payment due date is February 15, and the to-be-issued bills tradable on February 16.
Dagong Global Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
China Merchants Bank<600036
> has been hired as lead underwriter for the deal.
Proceeds from the offering will be used to purchase cotton.