Nov. 13, 2012 (China Knowledge) - Sinochem Lantian Co Ltd, a subsidiary of state-owned Sinochem Group Corp, the leading chemical products supplier in China, has announced it plans to issue RMB 400 million 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 20, and the to-be-issued bills tradable Nov 21.
RMB 300 billion of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 100 million to repay bank loans, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.
China CITIC Bank <601998
> has been hired as lead underwriter and bookrunner for the offering.
This will be the company's second short-term bills this year.