Sep. 14, 2012 (China Knowledge) - Zhejiang
Wanliyang Transmission Co Ltd, which engages in the research, development, manufacture, and distribution of automobile transmission products, has announced it will issue RMB 300 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 24, and the to-be-issued bills tradable Sep 25.
All proceeds from the issue will be used to replenish working capital, said the issuer.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA- and A-1, respectively.
China Merchants Bank Co Ltd<600036
> has been hired as lead underwriter and bookrunner.