May. 14, 2012 (China Knowledge) - Jiangsu
Xinmin Textile Science & Technology Co Ltd, a silk product manufacturer based in Wujiang, Jiangsu
Province, has announced plans to issue RMB 200 million worth of 365-day unsecured bills on the interbank market on May 21.
Coupon rate will be determined in the process of book-building. Both value date and payment due date is set on May 22, and the to-be-issued bills tradable May 23.
Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and bills A+ and A-1, respectively.
Bank of China<601988
> has been assigned as the lead underwriter and bookrunner.
This will be the issuer's first short-term bill this year.
At the end of last September, the issuer had RMB 3.24 billion in total assets and RMB 1.95 billion in total liabilities, and the firm's net profit stood at RMB 83 million in the first nine months of 2011.