China Tianrui Group Cement Co has said it will issue CNY500m (US$78.9m) worth of medium-term notes with a maturity of three years in the interbank market on 17 September.

The company, a leading clinker and cement producer in Henan and Liaoning provinces, said in a statement that the notes 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 18 September 18, and the to-be-issued notes tradable 19 September.

All the proceeds from the issue will be used to repay bank loans, said the issuer.

Dagong Global Credit Rating Co Ltd has rated the issuer and notes AA and AA, respectively. China Guangfa Bank has been assigned as the lead underwriter and book-runner. Bank of China will be joint lead underwriter for the offering. This will be the company's second medium-term notes this year. (Source: China Knowledge Press)