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Chigo Airconditioning to issue RMB 800 million bills

Sep. 24, 2012 (China Knowledge) - Guangdong Chigo Airconditioning Co Ltd has announced it will issue RMB 800 million in 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 550 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 250 million to replenish working capital, said the issuer.

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

China Construction Bank Corp<601939><0939> has been hired as lead underwriter and bookrunner for the offering.

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