China Knowledge reported that China Dalian International Cooperation Holdings Co Ltd which primarily engaged in the business of construction project, international labor service cooperation and real estate development will issue CNY 300 million in unsecured short term bills with a maturity of 365 days in the interbank market on September 12.

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 September 13 and the to be issued bills tradable September 14.

The issuer said CNY 100 million of the proceeds from the issue will be used to replenish working capital while the remaining CNY 200 million to repay bank loans.

China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA- and A-1 respectively. China Merchants Bank has been assigned as the lead underwriter and bookrunner for the offering.

This will be the issuer second short term bills this year.

Source - China Knowledge

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