May. 10, 2012 (China Knowledge) - Himin Clean Energy Holdings Co Ltd, a manufacturer of solar products in China, has announce plans to issue RMB 150 million worth of 365-day unsecured bills on the interbank market on May 16, sources reported.
Coupon rate will be determined in the process of bookbuilding. Both value date and payment due date is set on May 18, and the to-be-issued bills tradable May 19.
Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.
Dagong Global Credit Rating Co Ltd has rated the issuer A-1. Shanghai
Pudong Development Bank<600000
> has been assigned as the lead underwriter and bookrunner.
This will be the issuer's first short-term bill this year.
As of Sep. 30, 2011, the issuer had RMB 3.71 billion in total assets with debt/asset ratio of 64.26%.