Nov. 6, 2012 (China Knowledge) - Huatai Group, the parent of Shandong Huatai Paper Co Ltd<600308
>, 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 9.
The company said in a statement that the notes 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 200 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.
Agricultural Bank of China Ltd <601288
>, has been hired as lead underwriter and bookrunner for the offering.
This will be the issuer's third short-term bills this year.