Jun. 8, 2012 (China Knowledge) - Inner Mongolia
Mengxi Cement Co, the biggest cement maker in the autonomous region, announced today that it plans to issue RMB 400 million worth of 365-day unsecured bills on the interbank market on Jun. 15, 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. 18, and the to-be-issued bills tradable on Jun. 19.
Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA- and A-1, respectively.
Bank of China Ltd<601988
> has been hired as book-runner and lead underwriter for the offering.
The group plans to use RMB 200 million of the proceeds to replenish the company's working capital and the remaining to repay bank loans.