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Tianrui Group Cement to issue RMB 500 mln in bills

Apr. 23, 2012 (China Knowledge) - Newly-listed China Tianrui Group Cement Co <1252> announced today that it plans to issue RMB 500 million worth of 365-day unsecured bills on the interbank market on Apr. 26, sources reported.

Coupon rate will be determined in the process of book-building and the bills be issued at face value. Both value date and payment due date is Apr. 27 and the to-be-issued bills tradable on Apr. 28.
Dagong Global Credit Rating Co Ltd has rated the issuer AA and A-1, respectively.

China Guangfa Bank has been hired as joint lead underwriter for the offering.

China Tianrui Group plans to use RMB 350 million of the proceeds to repay bank loans and the remaining RMB 150 million to replenish its working capital.

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