Sep. 20, 2012 (China Knowledge) - Continental Hope Group, a Sichuan-based
company specialized in animal feed, has announced it will issue RMB 400 million in unsecured short-term bills with a maturity of 365 days in the interbank market on Sep 27.
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 28, and the to-be-issued bills tradable Sep 29.
RMB 240 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 160 million to repay bank loans, said the issuer.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA- and A-1, respectively.
Agricultural Bank of China Ltd<601288
> has been assigned as the lead underwriter and bookrunner for the offering.