Tangshan Jidong Cement Co to issue CNY1bn 366-day bills

Tangshan Jidong Cement Co to issue CNY1bn 366-day bills
Published: 23 July 2015

Tangshan Jidong Cement Co, based in Tangshan, Hebei Province, has announced that it will issue CNY1bn (US$161m) unsecured short term bills with a maturity of 366 days on the interbank market on 29 July 2015.

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 30 July, and the to-be-issued bills tradable on Jul 31.

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

China Lianhe Credit Rating Co, Ltd has rated the issuer and bills at AA+ and A-1, respectively. The rating agency's view of issuer repayment's ability is strong, and potential unfavorable external economic factors will have little negative impact. The possibility of default is considered lowest. (Source: China Knowledge Press)