Oct. 29, 2012 (China Knowledge) - Beijing Shunxin Agriculture Co Ltd<000860
>, which is principally engaged in the production and sale of chilled and cooled pork, spirits as well as vegetable and fruit juices, has announced it plans to issue RMB 600 million in short-term bills with a maturity of 365 days in the interbank market on Nov 6.
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 Nov 7, and the to-be-issued bills tradable Nov 8.
RMB 420 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 180 million to replenish working capital, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and bills AA and A-1, respectively.
Bank of Beijing Co Ltd<601169
>has been hired as lead underwriter and bookrunner. Bank of China <601988
> will be joint lead underwriter for the offering.
This will be the company's second short-term bills this year.