Jul. 31, 2012 (China Knowledge) - Jiangsu
Broadcasting Cable Information Network Corp Ltd announced today that it plans to issue RMB 1.5 billion in short-term bills with a maturity of 365 days on the interbank market on Aug 7.
According to a statement, 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 is set on Aug 9, and the to-be-issued bills tradable Aug 10.
RMB 500 million of the proceeds will be used to replenish working capital, while the remaining RMB 1 billion will be used to repay bank loans, said the issuer.
China Chengxin International 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 bookrunner. China Everbright Bank Co Ltd<601818> will be joint lead underwriter for the offering.