Aug. 2, 2012 (China Knowledge) - Zhongsheng Dalian Group Co Ltd, a subsidiary of Zhongsheng Group<0881> one of the leading national automobile dealers in China, announced that it plans to issue RMB 700 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 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 250 million of the proceeds will be used to purchase cars, while the remaining RMB 150 million 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.
Shanghai Pudong Development Bank<600000
> has been assigned as the lead underwriter and bookrunner for the offering.
This will be the issuer's second short-term bills this year.