APP's Ningbo Asia Pulp & Paper in China's Zhejiang Province plans to issue on June 9 unsecured short-term bills totaling 500M rupees and set to mature in one year; company plans to use proceeds to repay bank loan
June 9, 2014
– Ningbo Asia Pulp & Paper Co., Ltd has said that it plans to issue RMB 500 million unsecured short-term bills with a maturity of 365 days on the interbank market on Jun 9.
The company said in a statement that the bills will be issued at face value and coupon rate be determined in the process of book-building.
Both value date and payment due date is Jun 13 and the to-be-issued bills tradable on Jun 16.
Dagong Global Credit Rating Co., Ltd has rated the issuer and bills at AA- and A-1, respectively.
China Construction Bank <601939> <0939> has been hired as bookrunner and lead underwriter , and China Development Bank will be the joint lead underwriter.
The company plans to use the proceeds to repay bank loan.
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Industry Intelligence Inc. editor's note: Ningo Asia Pulp & Paper Co. Ltd. is located in Ningbo, Zhejiang Province, China, and was completed at the end of 2004 as an extension and development of Ningbo Zhonghua Paper Co. Ltd., which is owned by Asia Pulp & Paper Co. Ltd.'s Sinar Mas Group, according to the companies' websites. Ningo Asia Pulp & Paper's products include GC1 folding boxboard, C2S green art board, C1S duplex board, and playing card board.