Aug. 7, 2012 (China Knowledge) - Shanghai Electric (Group) Corp, the parent of Shanghai Electric Group Co Ltd<601727
>, said that it will issue RMB 3 billion in short-term bills with a maturity of 365 days in the interbank market on Aug 14.
The company said in a statement that this batch of bills will be issued at the face value, coupon rate will be determined in the process of book-building.
Both value date and payment due date is set on Aug 15, and the to-be-issued bills are tradable Aug 16.
The issuer said RMB 1 billion of the proceeds will be used to replenish working capital, while the remaining RMB 2 billion to repay bank loans.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and the bills AAA and A-1, respectively.
Agricultural Bank of China Ltd or ABC<601288
> has been assigned as the lead underwriter and bookrunner. China Minsheng Banking Corp Ltd<600016
> will be joint lead underwriter for the offering.