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Shandong Kenli Petrochemical to issue RMB 400 mln bills

Jul. 18, 2012 (China Knowledge) - Shandong Kenli Petrochemical Group announced yesterday that it plans to issue RMB 400 million in short-term bills with a maturity of 365 days on the interbank market on Jul 25, sources reported.

According to a statement, 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 is set on Jul 26, and the to-be-issued bills tradableon Jul 27.

RMB 100 million of the proceeds will be used to repay bank loans and the remaining RMB 300 million will be used to replenish working capital, said the issuer.

Dagong Global Credit Rating Co has rated the issuer and the bills A+ and A-1, respectively.

Bank of Beijing Co Ltd<601169> has been assigned as the lead underwriter and book-runner for the offering.

This will be the issuer's first short-term bill this year, sources reported.







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