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Zhejiang Rongsheng Holding to issue RMB 1 bln in bills

Apr. 24, 2012 (China Knowledge) - Zhejiang Rongsheng Holding Group Co Ltd, an investment holding company, announced that it plans to issue RMB 1 billion worth of 365-day unsecured bills on the interbank market on Apr. 27, 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. 28 and the to-be-issued bills tradable on May 2.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer AA and A-1, respectively.

Bank of China Ltd<601988><3988> and China Guangfa Bank have been hired as joint lead underwriters for the offering.

The company plans to use RMB 600 million of the proceeds to repay bank loans and RMB 400 million to replenish its working capital.

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