China United Cement to issue bills

China United Cement Group Co, a unit of China National Building Material Co, plans to issue CNY1bn worth of 365-day unsecured bills on the interbank market today.

Coupon rate will be determined in the process of book-building and the bills will be issued at face value. Both value date and payment due date is on 31 March  and the to-be-issued bills tradable on April 1.?? Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.

Agricultural Bank of China Ltd or ABC has been hired as lead underwriter for the offering, and Shanghai Pudong Development Bank Co Ltd will be joint lead underwriter. China United Cement Group plans to use CNY800m  of the proceeds from the deal to repay shareholders' loans and the remaining CNY200m to replenish its working capital.?? (Source - China Knowledge)