Oct. 22, 2012 (China Knowledge) - Shandong Haihua Co Ltd of CNOOC<000822
>, a China-based manufacturer and distributor of chemical products has announced it plans to issue RMB 650 million in short-term bills with a maturity of 365 days in the interbank market on Oct 25.
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 26, and the to-be-issued bills tradable Oct 29.
All the proceeds from the issue will be used to repay bank loans, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA and A-1, respectively.
Agricultural Bank of China Ltd<601288
> has been hired as lead underwriter and bookrunner. China Everbright Bank Co Ltd<601818> will be the joint lead underwriter for the offering.
This will be the issuer's second short-term bills this year.