Nov. 22, 2012 (China Knowledge) - China National Heavy Duty Truck Group Co Ltd or Sinotruk Group<000951
>, a truck manufacturing state-owned enterprise, has said it plans to issue RMB 2 billion in short-term bills with a maturity of 365 days in the interbank market on Nov 28.
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 the working capital, while the remaining RMB 1.5 billion 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.
Bank of Beijing Co Ltd <601169
> has been hired as lead underwriter and bookrunner. Industrial and Commercial Bank of China<601398
> will be the joint lead underwriter for the offering.