Aug. 20, 2012 (China Knowledge) - Changyuan Group Ltd<600525
> has announced that it will issue RMB 300 million in unsecured bills with a maturity of 365 days on the interbank market on Aug. 23.
The company said that the bills will be issued at face value, and the coupon rate determined in the process of book-building.
Both value and payment due date will be on Aug. 24, and the to-be-issued bills tradable Aug. 27.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA- and A-1, respectively.
Industrial Bank Co Ltd<601166
> has been assigned as book-runner and lead underwriter for the offering.
Proceeds from the deal will be used to repay bank loans and replenish the company's working capital.
In the first half of this year, the company's net profit fell 27.92% YoY to RMB 106.12 million, while its core business revenue rose 19.76% to RMB 937.84 million.