Nov. 13, 2012 (China Knowledge) - Shanxi Coal Import & Export Group Corporation, a state-owned enterprise controlled by the State-owned Assets Supervision and Administration Commission
of Shanxi Provincial Government, has announced it plans to issue RMB 1 billion in short-term bills with a maturity of 365 days in the interbank market on Nov 16.
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 500 billion of the proceeds from the issue will be used to replenish working capital, 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.
Industrial Bank Co Ltd<601166
> has been hired as lead underwriter and bookrunner for the offering.
This will be the company's second short-term bills this year.