Huachang Chemical to issue RMB 250 mln bills

Jiangsu Huachang Chemical Co Ltd, a China-based manufacturer of basic chemicals and related products, has announced it plans to issue RMB 250 million in short-term bills with a maturity of 365 days in the interbank market on Nov 19.

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

Both value and payment due date is set on Nov 21, and the to-be-issued bills tradable Nov 22.

RMB 100 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 150 million to repay bank loans, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and bills A+ and A-1, respectively.

China CITIC Bank<601998><0998> has been hired as lead underwriter and bookrunner for the offering.