Nov. 20, 2012 (China Knowledge) - Stated-owned North United Power Corporation 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 27.
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 29, and the to-be-issued bills tradable Nov 30.
RMB 500 million 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 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. China Development Bank will be the joint lead underwriter for the offering.