China Knowledge reported that Sichuan Port and Channel Development Co Ltd will issue CNY 600 million in short-term bills with a maturity of 365 days on the interbank market on July 13.

The company said in a statement that this batch of bills will be issued at the face value and the yield will be determined in the process of book building. Both the value dates and payment due date will be July 14.

The firm said in a statement that CNY 450 million from the proceeds of the issuance will be used to repay bank loans and the remaining CNY 150 million will be used to replenish the company working capital.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and the bills AA- and A-1 respectively. China Everbright Bank Co Ltd has been assigned as major underwriter for the sale.

(Sourced from China Knowledge)