Nov. 8, 2012 (China Knowledge) - China Fangda Group Co Ltd<000055
>, a Chinese manufacturer and seller of construction materials, has announced it plans to issue RMB 200 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 16, and the to-be-issued bills tradable Nov 19.
RMB 80 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 120 million to repay bank loans, said the issuer.
Dagong Global Credit Rating Co Ltd has rated the issuer and bills A+ and A-1, respectively.
Industrial Bank Co Ltd<601166
> has been hired as lead underwriter and bookrunner for the offering.