Jul. 18, 2012 (China Knowledge) - Zhejiang Provincial
Railway Investment Group Co Ltd announced that it will issue RMB 500 million worth of unsecured bills with a maturity of 365 days on the interbank market on July 25.
The company said in a statement that the bills will be issued at face value and coupon rate will be determined in the process of book-building.
Both value date and payment due date is set on July 27 and the to-be-issued notes tradable July 30.
RMB 350 million of the proceeds will be used to replenish working capital and the remaining RMB 150 million will be used to repay bank loans, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA+ and A-1, respectively.
China CITIC Bank Corp<601998
> and China Zheshang Bank Co have been assigned as the joint lead underwriter for the offering.
This will be the issuer's first short -term bills this year.