Oct. 17, 2012 (China Knowledge) - Henan Pinggao Electric Co Ltd<600312
>, a Chinese power transmission and conversion equipment provider, has announced it plans to issue RMB 500 million in short-term bills with a maturity of 365 days in the interbank market on Oct 23.
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 Oct 24, and the to-be-issued bills tradable Oct 25.
RMB 300 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.
Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA and A-1, respectively.
China Guangfa Bank has been hired as lead underwriter and bookrunner for the offering.