Aug. 7, 2012 (China Knowledge) - Jiangsu Zhongtian Technologies Co Ltd <600522
>, principally engaged in the sale of optical fibers, optical cables, aluminum poles, electrical wires and commercial residential buildings, announced that it plans to issue RMB 600 million worth of short-term bills with a maturity of 365 days in the interbank market on Aug 10.
Coupon rate will be determined in the process of book building. Both value date and payment due date is set on Aug 13, and the to-be-issued bills tradable Aug 14.
RMB 300 million of the proceeds from the issue will be used to replenish working capital and the remaining RMB 300 million to repay bank loans, said the issuer.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and the bills AA- and A-1, respectively.
Industrial Bank Co Ltd<601166
> has been assigned as the lead underwriter and bookrunner for the offering.
This will be the issuer's second short-term bills this year.