Jul. 19, 2012 (China Knowledge) - The United Laboratories International Holdings Ltd<3933
> announced yesterday that it plans to issue RMB 600 million in short-term bills with a maturity of 365 days on the interbank market on Jul 26, 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 30, and the to-be-issued bills tradable Jul 31.
RMB 100 million of the proceeds will be used on promotional expenses, RMB 200 million will be used to replenish working capital and the remaining RMB 300 million will be used to repay bank loans, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and the bills AA- and A-1, respectively.
China Merchants Bank<600036
> 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.