Aug. 31, 2012 (China Knowledge) - Sanhua Holding Group, the parent company of Zhejiang Sanhua Co<002050
>, has announced 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 is set on Sep 6, and the to-be-issued bills tradable Sep 7.
RMB 100 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 400 million to repay bank loans, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issue and bills AA and A-1, respectively.
China Merchants Bank<600036
> has been assigned as the lead underwriter and bookrunner for the offering.
This will be the issuer's second short-term bills this year.