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Shanghai Chengtou to issue RMB 2.5 bln in bills

Jul. 5, 2012 (China Knowledge) - Shanghai Chengtou Corp, the parent company of Shanghai Chengtou Holding Co Ltd<600649>, will issue RMB 2.5 billion in unsecured bills with a maturity of 365 days on the interbank market on Jul. 9, 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. 10, and the to-be-issued bills are tradable on Jul. 11.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AAA and A-1, respectively.

Bank of Communications<601328><3328> has been assigned as lead underwriter and book-runner for the offering, and China Development Bank will be joint lead underwriter.

The company plans to use RMB 1.7 billion of the proceeds to repay loans and the remaining to replenish its working capital.

This will be the issuer's first short-term bills this year.
In the first quarter of this year, the company's net profit was RMB 277 million, and its operating revenue was RMB 2.66 billion.

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