Sep. 14, 2012 (China Knowledge) - Foshan Public Utilities Holdings Co Ltd, which is principally engaged in public utilities services in Foshan
Province, 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.
RMB 60 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 240 million to repay bank loans, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and bills AA and A-1, respectively.
Agricultural Bank of China<601288
> has been hired as lead underwriter and bookrunner. China Guangfa Bank Co Ltd will be the joint lead underwriter for the offering.