China Knowledge reported that Liaoning SG Automotive Group Co Ltd one of the largest manufacturers of automobiles and automobile spare parts in China will issue CNY 400 million in unsecured short term bills with a maturity of 365 days in the interbank market on August 28.

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 August 30 and the to be issued bills tradable August 31.

The issuer said all the proceeds from the issue will be used to replenish working capital.

Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA- and A-1, respectively.

Shanghai Pudong Development Bank Co Ltd has been assigned as the lead underwriter and bookrunner. Bank of China will be the joint lead underwriter for the offering.

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

Source - China Knowledge

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