Tangshan Jidong Cement Co to issue CNY1bn bills

Tangshan Jidong Cement Co, Ltd has announced that it will issue CNY1bn (US$16.3m) unsecured short-term bills with a maturity of 365 days on the interbank market on 21 November 2014.

The company said in a statement that the bills will be issued at the face value, and the coupon rate determined in the process of bookbuilding. Both value date and payment due date is set on 24 November and the to-be-issued bills tradable on 25 November.

China Lianhe Credit Rating Co, Ltd has rated the issuer and bills at AA+ and A-1, respectively. The rating agency's view is the issuer has strong repayment ability and not affected by external economic factors, the possibility of default is considered lowest.

Ping An Bank Co has been mandated as bookrunner and lead underwriter, Bank of Communications will be the joint lead underwriter.

The proceeds from the issue will be used to replenish its working capital, and repay bank loan.