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Shaoxing Wine to issue RMB 250 mln bills

Aug. 8, 2012 (China Knowledge) - Zhejiang Guyue Longshan Shaoxing Wine Co Ltd, which is principally engaged in the manufacture and distribution of yellow wine, announced that it plans to issue RMB 250 million worth of short-term bills with a maturity of 365 days on the interbank market on Aug 15, sources reported.

Coupon rate will be determined in the process of book-building. Both value and payment due date is set on Aug 17, and the to-be-issued bills tradable Aug 20.

The issuer said RMB 40 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 210 million to repay bank loans.

China Chengxin International Credit Rating Co Ltd has rated the issuer and the bills AA and A-1, respectively.

China CITIC Bank Corp<601998><0998> has been assigned as the lead underwriter and bookrunner for the offering.

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