May. 3, 2012 (China Knowledge) – Sinochem Lantian Co Ltd, a subsidiary of state-owned Sinochem Group Corp, the leading chemical products supplier in China, announced today that it will issue RMB 500 million in unsecured bills with a maturity of 365 days on the interbank market on May 8, sources reported.
According to a statement, the chemical producer said 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 is set on May 10, and the to-be-issued bills are tradable May 11.
The issuer said that all the proceeds from the issue be used to replenish working capital.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA and A-1, respectively.
China CITIC Bank Corp<601998
> has been assigned as the lead underwriter and bookrunner for the offering.
This will be the issuer's first short-term bill this year, sources reported.