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Liaoning Hongcheng Plastic to issue RMB 600 mln bills

Nov. 8, 2012 (China Knowledge) - Liaoning Hongcheng Plastic Profile Co Ltd has announced it plans to issue RMB 600 million in short-term bills with a maturity of 365 days in the interbank market on Nov 13.

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

RMB 240 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 360 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.

China Evergrowing Bank Co Ltd has been hired as lead underwriter and bookrunner for the offering.

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

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