Dec. 17, 2012 (China Knowledge) - Shanxi Lanhua Coal Mining Group Co Ltd has said it plans to issue RMB 400 million in short-term bills with a maturity of 365 days on the interbank market on Dec 20.
According to a statement, the company said that the bills will be issued at the face value, and the coupon rate be determined in the process of bookbuilding.
Both value date and payment due date is set on Dec 21, and the to-be-issued bills tradable Dec 24.
RMB 160 million of the proceeds will be used to repay bank loans and the remaining RMB 240 million to replenish working capital, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and the bills AA and A-1, respectively.
China Construction Bank<601939><0939> has been assigned as the lead underwriter and bookrunner for the offering.
This will be the issuer's second short-term bills this year.