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Huayou Cobalt to issue RMB 250 mln bills

Jul. 20, 2012 (China Knowledge) - Zhejiang Huayou Cobalt Co Ltd announced that it will issue RMB 250 million worth of short-term bills with a maturity of 365 days on the interbank market on Jul 27.

Coupon rate will be determined in the process of book-building and the bills will be issued at face value. Both value date and payment due date is set on Jul. 31 and the to-be-issued bills tradable Aug. 1.

China Lianhe Credit Rating Co Ltd has rated the issuer and notes A+ and A-1, respectively.

China CITIC Bank Corp<601998><0998> has been assigned as the lead underwriter and book-runner for the offering.

RMB 100 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.

This will be the issuer's first short-term bills this year.

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