Apr. 20, 2012 (China Knowledge) - Zhejiang Longsheng Group Co Ltd<600352
> has announced plans to issue RMB 500 million worth of 365-day unsecured bills on the interbank market on Apr. 25.
Coupon rate will be determined in the process of bookbuilding. Both value date and payment due date is set on Apr. 27, and the to-be-issued bills tradable on Apr. 28.
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.
China Merchants Bank<600036
> has been assigned as the lead underwriter and bookrunner.
This will be the issuer's first short-term bill this year, sources reported.