Sep. 18, 2012 (China Knowledge) - Jiangsu
Sutong Bridge Co Ltd has announced it will issue RMB 1 billion in short-term bills with a maturity of 365 days in the interbank market on Sep 21.
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 25, and the to-be-issued bills tradable Sep 26.
RMB 70 million of the proceeds from the issue will be used to replenish the working capital, while the remaining RMB 930 million to repay bank loans, said the issuer.
China Chengxin International Credit Rating 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 for the offering.