Sep. 19, 2012 (China Knowledge) - Henan
Pinggao Electric Co Ltd<600312
>, a Chinese power transmission and conversion equipment provider, has announced it will issue RMB 500 million in short-term bills with a maturity of 365 days in the interbank market on Sep 26.
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 27, and the to-be-issued bills tradable Sep 28.
RMB 200 million of the proceeds from the issue will be used to replenish the working capital, while the remaining RMB 300 million to repay bank loans, said the issuer.
Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA and A-1, respectively.
China Guangfa Bank Co Ltd has been hired as lead underwriter and bookrunner for the offering.