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Irico Display Devices to issue RMB 800 mln bills

Aug. 21, 2012 (China Knowledge) -  Irico Display Devices Co Ltd<600707>, which is principally engaged in the manufacture, development and operation of display components, has said it will issue RMB 800 million in short-term bills with a maturity of 365 days in the interbank market on Aug 27.

The company said in a statement that this tranche of bills will be issued at the face value, coupon rate be determined in the process of book-building.

Both value and payment due date is set on Aug 28, and the to-be-issued bills are tradable Aug 29.

RMB 550 million of the proceeds will be used to replenish working capital, while the remaining RMB 250 million to repay bank loans.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and the bills AA- and A-1, respectively.

Ping An Bank Co<000001> has been assigned as the lead underwriter and bookrunner for the offering.

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