Nov. 5, 2012 (China Knowledge) - South Cement Co, controlled by state-owned China National Building Material Co<3323
>, the country's second-largest cement manufacturer, has announced it plans to issue RMB 1.5 billion in short-term bills with a maturity of 365 days in the interbank market on Nov 12.
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 13, and the to-be-issued bills tradable Nov 14.
RMB 200 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 1.3 billion to repay bank loans, said the issuer.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA+ and A-1, respectively.
China Construction Bank Co <601939
> has been hired as lead underwriter and bookrunner. Bank of Shanghai will be the joint lead underwriter for the offering.
This will be the issuer's second short-term bills this year.