May. 11, 2012 (China Knowledge) – Zhongli Sci-Tech Group, which is principally engaged in the production of special cable, optical cable and photovoltaic products, announced today that it will issue RMB 400 million short-term bills with a maturity of 365 days on the interbank market on May 16.
The company said in a statement 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 18, and the to-be-issued bills are tradable May 21.
RMB 270 million of the proceeds will be used to replenish working capital, while the remaining RMB 130 million to repay bank loans, said the issuer.Shanghai
Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and the 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 bills this year, sources reported.