Sep. 12, 2012 (China Knowledge) - Heilongjiang Agriculture Company<600598
>, the biggest state owned commodity grain production, has announced its plan to issue RMB 500 million in super short-term bills with a maturity of 180 days in the interbank market on Sep 19.
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 20, and the to-be-issued bills tradable Sep 21.
All the proceeds from the issue will be used to repay bank loans, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA and A-1, respectively.
China Construction Bank<601939
> has been hired as bookrunner and lead underwriter for the offering.
This will be the issuer's second super short-term bills this year.