China Knowledge reported that Jiangling Motor Holding Co Ltd a 50:50 joint venture between Jiangling Motors Corp Ltd and Chongqing Changan Automobile Co Ltd will issue CNY 300 million in short term bills with a maturity of 365 days in the interbank market on September 14.

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 17 and the to-be-issued bills tradable September 18.

The issuer said CNY 50 million of the proceeds from the issue will be used to replenish working capital while the remaining CNY 250 million to repay bank loans.

Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA and A-1 respectively. Agricultural Bank of China Ltd is assigned as the lead underwriter and bookrunner for the offering.

Source - China Knowledge

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