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China South Industries Group to issue RMB 1.8 bln bills

Aug. 21, 2012 (China Knowledge) - China South Industries Group Corp, a manufacturer of automobiles, motorcycles, vehicle components, optical-electronic products and other specialized products, has announced it will issue RMB 1.8 billion worth of short-term bills with a maturity of 365 days in the interbank market on Aug 23.

According to a statement, 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 is set on Aug 24, and the to-be-issued bills tradable Aug 27.

RMB 550 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 1.25 billion to repay bank loans, said the issuer.

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

China Everbright Bank Co Ltd<601818> has been assigned as the lead underwriter and bookrunner. Industrial Bank Co Ltd<601166> will be the joint lead underwriter for the offering.

This will be the issuer's second short-term bills this year.

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