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Zhejiang Hongshi Group to issue RMB 800 mln bills

Nov. 1, 2012 (China Knowledge) - Zhejiang Hongshi Cement Co Ltd, a cement maker in Zhejiang province, has announced it plans to issue RMB 800 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.

All the proceeds from the issue will be used 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.

China Construction Bank Co <601939><0939> 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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