Dec. 10, 2012 (China Knowledge) - China Energy conservation and Environmental Protection Group has said it will issue RMB 1.5 billion in super short-term bills with a maturity of 270 days on the interbank market on Dec. 11.
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. 12, and the to-be-issued bills tradable Dec. 13.
RMB 528 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 972 million to repay bank loans, said the issuer.
Dagong Global Credit Rating Co Ltd has rated the issuer AAA.
Industrial and Commercial Bank of China<601398><1398> has been hired as lead underwriter and bookrunner. China Guangfa Bank will be the joint lead underwriter for the offering.
This will be the issuer's first super short-term bills this year.