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Beijing Urban-Rural to issue RMB 250 mln bills

Apr. 13, 2012 (China Knowledge) – Beijing Urban-Rural Trade Centre Co Ltd<600861>, which is principally engaged in department store business in Beijing, announced it will issue RMB 250 million in short-term bills with a maturity of 366 days on the interbank market on April 19.

The company said in a statement that the bills will be issued at the face value, and the coupon rate will be determined in the process of bookbuilding.

Both value date and payment due date will be April 20, and the to-be-issued bills are tradable on April 23.

RMB 150 million of the proceeds will be used to purchase raw material, while the remaining RMB 100 million will be used to repay bank loans, said the issuer.

Dagong Global Credit Rating Co Ltd has rated the issuer and the bills A+ and A-, respectively.

Bank of Beijing Co Ltd<601169> is assigned as the lead underwriter. China Development Bank or CDB will be the joint lead underwriter.

In 2011, the company saw its operation revenue increased 14.64% year on year to RMB 2.05 billion, and the net profit attributed to shareholders in that period reached RMB 81.25 million, up 9.39% than a year earlier, sources reported.

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