Xinjiang Tianshan Cement to issue CNY400m of bills

Xinjiang Tianshan Cement Co Ltd said it plans to issue CNY400m (US$62.7m) worth of unsecured short-term bills with a maturity of 365 days on July 24th.

Shanghai Pudong Development Bank Co Ltd is the lead underwriter for the issuance. Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA and A-1 respectively.

The company stated that CNY110m of the proceeds from the issuance will be used to replenish working capital and the remainder will be used to repay bank loans. (Source: China Business Newswire)