Jul. 23, 2012 (China Knowledge) - Hengdian Group Holdings Ltd, which is engaged in the creation, adjustment and control, development, and acquisition of enterprise entities, announced it will issue RMB 1.5 billion worth of short-term bills with a maturity of 365 days on the interbank market on Jul 26.
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 27 and the to-be-issued bills tradable on Jul 30.
RMB 900 million of the proceeds will be used to replenish working capital and the remaining RMB 600 million will be used to repay bank loans, said the issuer.
Dagong Global Credit Rating Co Ltd has rated the issuer and notes AA+ and A-1, respectively.
Bank of China<601988
> has been assigned as the lead underwriter and bookrunner. China Everbright Bank Co Ltd<601818> will be the joint lead underwriter for the offering.
This will be the issuer's first short-term bills this year.