Oct. 31, 2012 (China Knowledge) - Tianjin
Pipe Group Corp has announced it plans to issue RMB 500 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.
RMB 400 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 100 million to replenish working capital, said the issuer.
Dagong Global 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 for the offering.