May. 16, 2012 (China Knowledge) – Ordos Wulan Coal Group Co Ltd announced it plans to issue RMB 700 million unsecured bills with a maturity of 365 days on the interbank market on May 22.

According to a statement, the company said the bills will be issued at the face value, and the coupon rate will be determined in the process of bookbuilding.

Both value date and payment due date is May 23, and the to-be-issued bills are tradable on May 24.

RMB 550 million of the proceeds will be used to replenish working capital andthe remaining RMB 150 million will be used to repay bank loans, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer and the bills AA and A-1, respectively.

Industrial Bank Co Ltd<601166>has been assigned as the lead underwriter and bookrunner for the offering.

This will be the issuer's first short-term bill this year, sources reported.