Sep. 14, 2012 (China Knowledge) - Hebei
Jiheng Group Co Ltd, which was mainly engaged in business of chemical products, has announced it will issue RMB 240 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.
RMB 50 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 190 million to repay bank loans, said the issuer.
China Lianhe Credit Rating & Investors Service Co Ltd has rated the issuer and bills A+ and A-1, respectively.
Industrial and Commercial Bank of China<601398
> has been hired as lead underwriter and bookrunner.