Nov. 29, 2012 (China Knowledge) - Zhejiang Hengyi Group Co, the parent company of Hengyi Petrochemical Co Ltd<000703>, has said it will issue RMB 1 billion in unsecured bills with a maturity of 365 days on the interbank market on Dec. 5.
The company said 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 Dec. 6, and the to-be-issued bills tradable Dec. 7.
All the proceeds from the issue will be used to repay bank loans, said the issuer.
Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA and A-1, respectively.
Bank of China<601988
> and Agricultural Bank of China Ltd<601288
> have been assigned as joint lead underwriter for the offering.
This will be the second short-term bills issued by the company this year.