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Liaoning Hongcheng Plastic to issue RMB 600 mln bills

Aug. 8, 2012 (China Knowledge) - Liaoning Hongcheng Plastic Section Material Co Ltd, said it will issue RMB 600 million in short-term bills with a maturity of 365 days on the interbank market on Aug 10.

The company said in a statement that the bills will be issued at the face value, and the coupon rate 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 are tradable Aug 14.

RMB 100 million of the proceeds will be used to replenish working capital, while the remaining RMB 500 million to repay bank loans, said the issuer.

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

China Evergrowing Bank Co Ltd has been assigned as the lead underwriter and bookrunner for the offering.

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