Sep. 17, 2012 (China Knowledge) - Tianjin
Building Material Group (Holding) Co Ltd, which is mainly engaged in property construction and the research and development of building materials, has announced it will issue RMB 400 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 200 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 200 million to replenish working capital, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA- and A-1, respectively.
Industrial Bank Co Ltd<601166
> has been hired as lead underwriter and bookrunner for the offering.