Nov. 2, 2012 (China Knowledge) - Futong Group Co Ltd, a Chinese maker of optical fibers and communication cables, 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.
RMB 120 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 280 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.
China Minsheng Banking Corp Ltd<600016
> has been hired as lead underwriter and bookrunner for the offering.
This will be the issuer's second short term bills this year.