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China United Cement Group to issue RMB 1 bln in bills

Mar. 28, 2012 (China Knowledge) - China United Cement Group Co, a unit of China National Building Material Co<3323>, has announced that it plans to issue RMB1 billion worth of 365-day unsecured bills on the interbank market on Mar. 30, the sources reported.

Coupon rate will be determined in the process of book-building and the bills will be issued at face value. Both value date and payment due date is on Mar. 31, and the to-be-issued bills tradable on Apr. 1.
Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.

Agricultural Bank of China Ltd or ABC<601288><1288> has been hired as lead underwriter for the offering, and Shanghai Pudong Development Bank Co Ltd<600000> will be joint lead underwriter.

China United Cement Group plans to use RMB 800 million of the proceeds from the deal to repay shareholders' loans and the remaining RMB 200 million to replenish its working capital.

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