Nov. 5, 2012 (China Knowledge) - State-owned Jiangsu
Guoxin Investment Group Ltd has announced it plans to issue RMB 1.7 billion in short-term bills with a maturity of 365 days in the interbank market on Nov 8.
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 9, and the to-be-issued bills tradable Nov 12.
RMB 550 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 1.15 billion to repay bank loans, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
Industrial Bank Co Ltd<601166
> has been hired as lead underwriter and bookrunner for the offering.
This will be the issuer's second short-term bills this year.