Oct. 17, 2012 (China Knowledge) - China Xinxing Corporation(Group) has announced it plans to issue RMB 1 billion 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.
All the proceeds from the issue will be used 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.
Bank of Beijing Co Ltd<601169
> has been hired as lead underwriter and bookrunner. Huaxia Bank Co Ltd<600015
> will be the joint lead underwriter for the offering.