Feb. 27, 2012 (China Knowledge) - China Railway 15th Bureau Group Co Ltd, a state-owned enterprise principally engaged in railway construction, has announced plans to issue RMB 250 million worth of 365-day unsecured bills on the interbank market on Feb. 29, sources reported.
Coupon rate will be determined in the process of book-building. Both value date and payment due date is set on Mar. 1, and the to-be-issued bills tradable on Mar. 2.
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.
Industrial Bank Co Ltd<601166
> has been assigned as the lead underwriter and bookrunner.
This will be the issuer's first short-term bill this year.
As of Sep. 30, 2011, the issuer had RMB 18.05 billion in total assets and RMB 16.4 billion in total liabilities, and its debt/asset ratio was 90.83%.