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Tianneng Battery to issue RMB 400 mln bills

Oct. 17, 2012 (China Knowledge) - Tianneng Battery Group Co Ltd has announced it plans to issue RMB 400 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 200 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.

Shanghai Pudong Development Bank Co Ltd<600000> has been hired as lead underwriter and bookrunner for the offering.







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