China Knowledge reported that South China Tire & Rubber Co Ltd will issue CNY 500 million worth of short-term bills with a maturity of 365 days on November 16.

The company said in a statement that the bills will be issued at face value, and the coupon rate be determined during the process of book building.

Both value date and payment due date is November 18 and the to-be-issued bills tradable on November 21. Proceeds from the deal will be used to replenish the firm’s working capital and repay bank loans.

China Lianhe Credit Rating Co Ltd has rated the issuer and bills A+ and A-1 respectively. Agricultural Bank of China Ltd or ABC has been hired as lead underwriter for the offering.

(Sourced from China Knowledge)