South Cement to issue CNY1.5bn bills, China

South Cement has said it plans to issue CNY1.5bn (US$243m) in short-term bills with a maturity of 365 days in the interbank market on 2 May 2013 to repay bank loans and replenish the company's working capital.

The bills will be issued at face value and the coupon rate determined in the process of book building, the company said in a statement. Both value and payment due date is set on 3 May 2013 and the to-be-issued bills tradable 6 May 2013.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issue and bills AA+ and A-1, respectively.

Agricultural Bank of China has been hired as lead underwriter and bookrunner for the offering and China Zheshang Bank and will be joint lead underwriter.

This will be the issuer's second short-term bills this year.