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Chongqing Machinery & Electronics to issue RMB 600 mln bills

Jul. 4, 2012 (China Knowledge) - Chongqing Machinery & Electronics Holdings Group Co Ltd has said that it will issue RMB 600 million in unsecured bills with a maturity of 365 days on the interbank market on Jul. 10, sources reported.

The company said 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 will be Jul. 11, and the to-be-issued bills are tradable on Jul. 12.

China Lianhe Credit Rating Co Ltd has rated the issuer and bills AA- and A-1, respectively.

Industrial Bank Co Ltd<601166> has been assigned as the lead underwriter and book-runner for the offering.

Proceeds from the deal will be used to repay bank loans. This will be the issuer's first short-term bills this year.
In the first quarter of this year, the company suffered a loss of RMB 42.56 million, and its operating revenue was RMB 2.98 billion.

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