May. 11, 2012 (China Knowledge) - Tianjin
SERI Machinery Equipment Corp Ltd Inc, principally engaged in the design, manufacturing and sales of mechanical equipment used for power generation, has said it intends to issue RMB 250 million worth of 365-day unsecured bills on the interbank market on May 17.
Coupon rate will be determined in the process of book-building. Both value date and payment due date is set on May 18, and the to-be-issued bills tradable May 21.
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 and bills A+ and A-1, respectively.
Industrial Bank Co Ltd<601166
> has been assigned as the lead underwriter and bookrunner.
This will be the issuer's first short-term bills this year, sources reported.