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Zhejiang Rongsheng Holding Group to issue RMB 900 mln bills

Sep. 11, 2012 (China Knowledge) - Zhejiang Rongsheng Holding Group Co, which engages in petrochemical, polyester, spinning and texturizing, has said that will issue RMB 900 million in unsecured bills with a maturity of 365 days on the interbank market on Sep. 13.

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 Sep. 14, and the to-be-issued bills tradable Sep. 17.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA and A-1, respectively.
Proceeds from the offering will be used to repay bank loans and replenish the group's working capital.
Bank of China Ltd<601988><3988> and China Guangfa Bank have been assigned as joint lead underwriter for the offering.
This will be the second short-term bills issued by the company this year.

Zhejiang Rongsheng Holding Group, the controlling shareholder of Rongsheng Petro Chemical Co Ltd<002493>, booked RMB 568 million in net profit on operating revenue of RMB 6.60 billion in the first quarter of this year.

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