China Knowledge reported that Zhejiang Zhongcheng Holding Group Co Ltd which is mainly engaged in building operations will issue CNY 400 million in unsecured bills with a maturity of 365 days on the interbank market on May 16.

According to a statement, the company said that the bills will be issued at the face value and the coupon rate will be determined in the process of bookbuilding. Both value date and payment due date is set on May 17 and the to be issued bills are tradable May 18.

The issuer said CNY 100 million of the proceeds will be used to repay bank loans and the remaining CNY 300 million to replenish working capital.

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

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

Source - China Knowledge

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