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Zhejiang Zhongcheng Holding Group to issue RMB 400 mln bills

May. 10, 2012 (China Knowledge) – Zhejiang Zhongcheng Holding Group Co Ltd, which is mainly engaged in building operations, announced that it will issue RMB 400 million in unsecured bills with a maturity of 365 days on the interbank market on May 16.

According to a statement, the company 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 17, and the to-be-issued bills are tradable May 18.

RMB 100 million of the proceeds will be used to repay bank loans and the remaining RMB 300 million to 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 China<601988><3988>, has been assigned as the lead underwriter and bookrunner for the offering.

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

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