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Dongyangguang Group to issue RMB 600 mln bills

May. 22, 2012 (China Knowledge) – Shenzhen Dongyangguang Co Ltd, with business in aluminum, pharmaceuticals and energy, announced its plan to issue RMB 600 million in short-term bills with a maturity of 365 days on the interbank market on May 29.

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 30, and the to-be-issued bills tradable May 31.

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 the bills AA- and A-1, respectively.

Bank of China or BOC<601988><3988> has been assigned as the lead underwriter and bookrunner, and Agricultural Bank of China Ltd or ABC<601288><1288> will be the joint lead underwriter for the offering.

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

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