Nov. 8, 2012 (China Knowledge) - Zhejiang Tiansheng Holding Group Co Ltd, a large-sized comprehensive group in Shaoxing
Province, has announced it plans to issue RMB 700 million in short-term bills with a maturity of 365 days in the interbank market on Nov 15.
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 19, and the to-be-issued bills tradable Nov 20.
RMB 200 million of the proceeds from the issue will be used to reimbursement letter of credit, while the remaining RMB 500 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.
Agricultural Bank of China Ltd<601288
> has been hired as lead underwriter and bookrunner for the offering.