Nov. 2, 2012 (China Knowledge) - State owned Zhengzhou
Road&Bridge Construction Investment Group Co Ltd, has announced it plans to issue RMB 200 million in short-term bills with a maturity of 365 days in the interbank market on Nov 9.
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 12, and the to-be-issued bills tradable Nov 13.
RMB 120 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 80 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 Guangfa Bank has been hired as lead underwriter and bookrunner for the offering.