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Beijing Jingcheng Machinery Electric to issue RMB 1.5 bln bills

Nov. 7, 2012 (China Knowledge) - State owned Beijing Jingcheng Machinery Electric Holding Co Ltd 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 14.

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 15, and the to-be-issued bills tradable Nov 16.

RMB 550 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 950 million to repay bank loans, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.

Bank of Beijing Co Ltd <601169> has been hired as lead underwriter and bookrunner. China CITIC Bank Corp<601998><0998> will be the joint lead underwriter for the offering.

This will be the company's second short-term bills this year.

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