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Andeli Group to issue RMB 250 mln bills

Nov. 12, 2012 (China Knowledge) - Andeli Group Co Ltd, a low-voltage electric equipment manufacturer in China, has announced it plans to issue RMB 250 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 120 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 130 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.

China CITIC Bank<601998><0998> 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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