Nov. 20, 2012 (China Knowledge) - State-owned Henan Tianguan Enterprise Group Co Ltd has announced it plans to issue RMB 300 million in short-term bills with a maturity of 365 days in the interbank market on Nov 23.
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 150 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 150 million to replenish working capital, 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
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This will be the company's second short-term bills this year.