Sep. 18, 2012 (China Knowledge) - Bailian Group, the parent co of Shanghai Bailian Group Co Ltd<600631
>, has announced it will issue RMB 2 billion in short-term bills with a maturity of 365 days in the interbank market on Sep 25.
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 26, and the to-be-issued bills tradable Sep 27.
RMB 1.2 billion of the proceeds from the issue will be used to replenish the working capital, while the remaining RMB 800 million to repay bank loans, said the issuer.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and notes AAA and A-1, respectively.
Industrial and Commercial Bank of China<601398
> has been hired as lead underwriter and bookrunner for the offering.
This will be the issuer's second short-term bills this year.