Apr. 25, 2012 (China Knowledge) - Sinohydro Group Ltd<601669>, a Chinese dam builder, announced that it plans to issue RMB 1.2 billion worth of 365-day unsecured bills on the interbank market on Apr. 28, 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 May 2 and the to-be-issued bills tradable on May 3.
Dagong Global Credit Rating Co Ltd has rated the issuer AAA and A-1, respectively.
Bank of China Ltd<601988
> has been hired as lead underwriter for the offering.
Proceeds from the deal will be used to replenish the company's working capital.
As of to date, Sinohydro has RMB 3.5 billion in corporate bonds, RMB 1.9 billion in medium-term notes and RMB 3.4 billion in short-term bills.