Nov. 21, 2012 (China Knowledge) - Zhejiang
Cathaya International Co Ltd, a large silk exporter in China, has said it plans to issue RMB 230 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 30 million of the proceeds from the issue will be used to replenish the working capital, while the remaining RMB 200 million to repay bank loans, said the issuer.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and corporate bills A+ and A-1, respectively.
China Bohai Bank Co Ltd has been hired as lead underwriter and bookrunner for the offering.
This will be the issuer's second short-term bills this year.