Feb. 28, 2012 (China Knowledge) - Orient Group Corp<600811
>, principally engaged in grain and oil purchasing and sale, construction material retailing, household decoration materials, industrial and mining production, has said it will issue RMB 500 million worth of 365-day unsecured bills on the interbank market on Mar. 1.
Coupon rate will be determined in the process of book-building. Both value date and payment due date is Mar. 2, and the to-be-issued bills tradable on Mar. 5.
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 Minsheng Banking<600016
> 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 12.43 billion in total assets with debt/asset ratio of 47.21%.