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Zhejiang Hailiang to issue RMB 400 mln bills

Oct. 31, 2012 (China Knowledge) - Zhejiang Hailiang Co Ltd<002203>, a manufacturer and distributor of copper pipes and copper rods based in Zhuji, Zhejiang province, has announced it plans to issue RMB 400 million in short-term bills with a maturity of 365 days in the interbank market on Nov 7.

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 8, and the to-be-issued bills tradable Nov 9.

All the proceeds from the issue will be used 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.

Ping An Bank Co<000001> has been hired as lead underwriter and bookrunner for the offering.

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