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Hongrun Construction to issue RMB 220 mln bills

May. 10, 2012 (China Knowledge) - Hongrun Construction Group Co Ltd<002062>, principally engaged in the construction services industry, has said it will issue RMB 220 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 17, and the to-be-issued bills tradable May 18.

Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA- and A-1, respectively.

Bank of Shanghai has been assigned as the lead underwriter and bookrunner.

This will be the issuer's first short-term bills this year.

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