Jul. 10, 2012 (China Knowledge) - China South Industries Group Corp, a manufacturer of automobiles, motorcycles, vehicle components, optical-electronic products and other special products, announced that it plans to issue RMB 1.5 billion in super short-term bills with a maturity of 270 days on the interbank market tomorrow.
According to a statement, the power company said that the bills will be issued at face value, and the coupon rate will be determined in the process of book-building.
Both value date and payment due date is set on Jul. 12 and the to-be-issued bills tradable Jul. 13.
Proceeds from the deal will be used to replenish the group’s working capital and repay bank loans.
Industrial Bank Co Ltd<601166
> has been assigned as lead underwriter and book-runner for the offering, and China Everbright Bank Co Ltd<601818> will be the joint lead underwriter for the offering.
This will be the first super short-term bills issued by the company this year.