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Futong Group to issue RMB 500 mln in bills

May. 31, 2012 (China Knowledge) - Futong Group, a Chinese maker of optical fibers and communication cables, announced that it plans to issue RMB 500 million worth of 365-day unsecured bills on the interbank market on Jun. 5, 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. 6 and the to-be-issued bills tradable on Jun. 7.
Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA- and A-1, respectively.

China Minsheng Banking Corp Ltd<600016><1988> has been hired as book-runner and lead underwriter for the offering.

Proceeds from the offering will be used to replenish the group's working capital and repay bank loans.

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