Jul. 19, 2012 (China Knowledge) - Hubei Xingfa Chemicals Group Co<600141
> said that it will issue RMB 200 million in unsecured bills with a maturity of 365 days on the interbank market on Jul. 24, 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. 26, and the to-be-issued bills are tradable on Jul. 7.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA- and A-1, respectively.
China Merchants Bank<600036
> has been assigned as book-runner and lead underwriter for the offering.
This will be the first short-term bills issued by the company this year.
In the first quarter of this year, the company's net profit rose 70.93% YoY to RMB 65.60 million and its core business revenue grew 53.65% to RMB 2.11 billion.