Sep. 13, 2012 (China Knowledge) - Shanghai Huayi Group Co, a Chinese chemical conglomerate and the parent company of Double Coin Holdings Ltd<600623
>, has announced its plan to issue RMB 4 billion in short-term bills with a maturity of 365 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.
RMB 500 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 3.5 billion to repay bank loans, said the issuer.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and the bills AAA and A-1, respectively.
Industrial and Commercial Bank of China<601398
> has been hired as lead underwriter and bookrunner. Bank of Communications<601328
> will be joint lead underwriter for the offering.
This will be the issuer's second super short-term bills this year.