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Zhejiang AMP to issue RMB 500 mln unsecured bills

Aug. 31, 2012 (China Knowledge) - Zhejiang AMP Inc, which mainly deals with agricultural products, cars, chemicals, regenerated resources, real estate, motorcycles and scooters, has said it will issue RMB 500 million in unsecured short-term bills with a maturity of 365 days in the interbank market on Sep 4.

The company said in a statement 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 Sep 6, and the to-be-issued bills are tradable on Sep 7.

RMB 300 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 200 million to repay bank loans, said the issuer.

Dagong Global Credit Rating Co Ltd has rated the issue and bills AA and A-1, respectively.

Agricultural Bank of China Ltd<601288><1288> has been assigned as the lead underwriter and bookrunner for the offering.

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