May. 24, 2012 (China Knowledge) - Jiangsu
Jurong Chemical Co has announced that it plans to issue RMB 250 million worth of 365-day unsecured bills on the interbank market from May 31 to Jun. 1, sources reported.
Coupon rate will be determined in the process of book-building and the bills be issued at face value.
Both value date and payment due date is Jun. 4 and the to-be-issued bills tradable on Jun. 5.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills A+ and A-1, respectively.
Agricultural Bank of China Ltd or ABC<601288
> has been hired as book-runner and lead underwriter for the offering.
Proceeds from the deal will be used to replenish the company's working capital and repay bank loans.