Oct. 22, 2012 (China Knowledge) - Xiamen
Road & Bridge Construction Group Co Ltd has announced it plans to issue RMB 1.2 billion in short-term bills with a maturity of 365 days in the interbank market on Oct 29.
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 30, and the to-be-issued bills tradable Oct 31.
RMB 700 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 500 million to replenish working capital, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.
Industrial Bank Co Ltd<601166
> has been hired as lead underwriter and bookrunner. China Construction Bank Corp<601939
> will be the joint lead underwriter for the offering.