Oct. 17, 2012 (China Knowledge) - Wuhan Water Group Corporation, a large state owned enterprise in Wuhan
, 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 22.
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 23, and the to-be-issued bills tradable Oct 24.
RMB 800 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 AA and A-1, respectively.
Shanghai Pudong Development Bank Co Ltd<600000
> has been hired as lead underwriter and bookrunner for the offering.