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Qingte Group to issue RMB 300 million bills

Sep. 21, 2012 (China Knowledge) - Qingte Group Ltd Corp, which is mainly engaged in the produce of special vehicles and auto parts, has announced it will issue RMB 300 million in short-term bills with a maturity of 365 days in the interbank market on Sep 28.

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 29, and the to-be-issued bills tradable Oct 8.

RMB 100 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.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills A+ and A-1, respectively.

Huaxia Bank Co Ltd<600015> has been hired as lead underwriter and bookrunner for the offering.

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