Jun. 5, 2012 (China Knowledge) –Xiamen Xinde Co Ltd<000701
>, a China-based company engaged in trading and retailing, electronic information and property business, announced its plan to issue RMB 300 million in short-term bills with a maturity of 365 days in the interbank market on Jun 7.
The company said in a statement that the bills will be issued at face value, and the coupon rate will be determined in the process of bookbuilding.
Both value date and payment due date is set on Jun 8, and the to-be-issued bills tradable Jun 11.
China Chengxin International Credit Rating Co Ltd has rated the issuer and the bills AA- and A-1, respectively.
Industrial Bank Co Ltd<601166
>has been assigned as the lead underwriter and bookrunner for the offering.
The issuer said that RMB 270 million of the proceeds will be used to repay bank loans and the remaining RMB 30 million will be used to replenish working capital.