Sep. 13, 2012 (China Knowledge) - Shanghai Qiangsheng Holding Co Ltd<600662
>, which is mainly engaged in operation of taxis as well as maintenance, distribution and leasing of automobiles, has announced it will issue RMB 500 million in short-term bills with a maturity of 365 days in the interbank market on Sep 20.
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 21, and the to-be-issued bills tradable Sep 24.
All the proceeds from the issue will be used to repay bank loans, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.
Bank of Shanghai has been hired as lead underwriter and bookrunner.