Jun. 4, 2012 (China Knowledge) - Zhejiang
Weixing Industrial Development Co Ltd<002003
> announced today that it plans to issue RMB 200 million worth of 365-day unsecured bills on the interbank market on Jun. 11, 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. 12, and the to-be-issued bills tradable on Jun. 13.
China Lianhe Credit Rating Co Ltd has rated the issuer and bills A+ and A-1, respectively.
China Minsheng Banking Corp Ltd<600016
> has been hired as book-runner and lead underwriter for the offering.
The group plans to use RMB 160 million of the proceeds to replenish the company's working capital and the remaining to repay bank loans.