May. 22, 2012 (China Knowledge) – Wuhan
Department Store Group Co Ltd<000501
> announced yesterday that it plans to issue RMB 300 million of short-term bills with a maturity of 365 days on the interbank market on May 28.
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 29, and the to-be-issued bills tradable May 30.
RMB 28.5 million of the proceeds will be used to repay bank loans and the remaining RMB 271.5 million will be used to replenish working capital, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and the bills AA and A-1, respectively.
China Merchants Bank<600036
> has been assigned as the lead underwriter and bookrunner for the offering.
This will be the issuer's first short-term bill this year, sources reported.