Apr. 5, 2012 (China Knowledge) - State-controlled Shandong
SNTN Group Co, which is mainly engaged in the production and sales of steel cord and bead wire, announced today that it plans to issue RMB 400 million worth of 365-day unsecured bills on the interbank market on Apr. 10, 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 Apr. 11, and the to-be-issued bills tradable on Apr. 12.
Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA- and A-1, respectively.
Bank of China Ltd<601988
> has been hired as book-runner and lead underwriter for the offering.
Proceeds from the offering will be used to replenish the group's working capital.