Jun. 15, 2012 (China Knowledge) – Zhejiang
Commercial Group Co Ltd, controlled by state-owned Assets Supervision and Administration Commission
of the People's Government of Zhejiang
Province, announced yesterday that it plans to issue RMB 1.4 billion worth of unsecured bills with a maturity of 365 days on the interbank market on Jun 10, sources reported.
The group said in a statement that the bills will be issued at the face value, and the coupon rate will be determined in the process of book-building.
Both value date and payment due date is Jun 21, and the to-be-issued bills will be tradable on Jun 25.
RMB 550 million of the proceeds will be used to repay bank loans while the remaining RMB 850 million will be used to replenish working capital.
China Chengxin International Credit Rating Co Ltd has rated the issuer and the bills AA- and A-1, respectively.
China Everbright Bank Co Ltd<601818> has been assigned as the lead underwriter and bookrunner for the offering.
This will be the company's second short-term bills this year.