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South Cement to issue RMB 1.5 bln in bills

Mar. 12, 2012 (China Knowledge) - South Cement Co, controlled by state-owned China National Building Material Co<3323>, the country's second-largest cement manufacturer, has announced plans to issue RMB 1.5 billion worth of 365-day unsecured bills on the interbank market on Mar. 15.

Coupon rate will be determined in the process of book-building. Both value date and payment due date is set on Mar. 19, and the to-be-issued bills tradable on Mar. 20.

Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA+ and A-1, respectively.

Agricultural Bank of China Ltd<601288><1288> has been hired as lead underwriter for offering, and China Zheshang Bank Co Ltd will be joint lead underwriter.

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