Nov. 19, 2012 (China Knowledge) - Fujian Zhanglong Industrial Co Ltd, the controlling shareholder of Fujian Zhangzhou Development Co Ltd<000753
>, has announced it plans to issue RMB 500 million in short-term bills with a maturity of 365 days in the interbank market on Nov 26.
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 27, and the to-be-issued bills tradable Nov 28.
RMB 200 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 300 million to replenish working capital, 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 assigned as the lead underwriter and book-runner. China Everbright Bank Co Ltd<601818> will be joint lead underwriter for the offering.