Jun. 5, 2012 (China Knowledge) - Andeli Group Co Ltd, a low-voltage electric equipment manufacturer in China, has announced plans to issue RMB 300 million worth of 365-day unsecured bills on the interbank market on Jun. 12.
Coupon rate will be determined in the process of book-building. Both value date and payment due date is set on Jun. 14, and the to-be-issued bills tradable Jun. 15.
Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.
Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA- and A-1, respectively.
China CITIC Bank Corp<601998
> has been assigned as the lead underwriter and bookrunner.
This will be the issuer's first short-term bill this year.