Jul. 27, 2012 (China Knowledge) - Liaoning Huajin Tongda Chemicals Co Ltd<000059
>, a China-based chemical fertilizer manufacturer, has said that it will issue RMB 1 billion in unsecured bills with a maturity of 365 days on the interbank market on Aug. 3, sources reported.
The company said that the bills will be issued at face value, and the coupon rate will be determined in the process of book-building.
Both value date and payment due date will be on Aug. 6, and the to-be-issued bills are tradable on Aug. 7.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.
Proceeds from the deal will be used to replenish the group's working capital and repay bank loans.
Bank of China Ltd<601988
> has been assigned as book-runner and lead underwriter for the offering, and China Minsheng Banking Corp Ltd<600016
> will be joint lead underwriter.
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 fell 57.88% YoY to RMB 171.76 million and its core business revenue rose 10.27% to RMB 9.73 billion.