China Knowledge reported that Zhejiang Provincial Railway Investment Group Co Ltd will issue CNY 500 million worth of unsecured bills with a maturity of 365 days on the interbank market on July 25.

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

Both value date and payment due date is set on July 27 and the to be issued notes tradable July 30.

The issuer said CNY 350 million of the proceeds will be used to replenish working capital and the remaining CNY 150 million will be used to repay bank loans.

China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA+ and A-1 respectively. China CITIC Bank Corp and China Zheshang Bank Co have been assigned as the joint lead underwriter for the offering.

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

Source - China Knowledge

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