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Zhongda Yuantong Group to issue RMB 300 mln bills

Oct. 24, 2012 (China Knowledge) - Zhejiang Material Industrial Zhongda Yuantong Group Co Ltd<600704>, which was engaged in automobile business, real estate business, international trading business, mechanical and electrical business, as well as financial business, has announced it will issue RMB 300 million 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 100 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 200 million to repay bank loans, said the issuer.

Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA and A-1, respectively.

Bank of Communications<601328><3328> has been hired as lead underwriter and bookrunner for the offering.

This will be the issuer's second short-term bills this year.

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