Jul. 31, 2012 (China Knowledge) - Chongqing
Grain Group Co Ltd announced its plan to issue RMB 100 million unsecured bills with a maturity of 365 days on the interbank market on Aug 7.
The company said in a statement 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 is set on Aug 9, and the to-be-issued bills tradable Aug 10.
RMB 50 million of the proceeds will be used to replenish working capital, while the remaining RMB 50 million will be used to repay bank loans, said the issuer.
Dagong Global 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 for the offering.
This will be the issuer's second short-term bills this year.