Shanghai Huayi Group to issue RMB 4 bln in financing bills

Jul. 2, 2009 (China Knowledge) - Shanghai Huayi Group Co, a Chinese chemical conglomerate and the parent of Double Coin Holdings Ltd<600623><900909>, announced that it has obtained regulatory approval to issue one-year financing bills on the interbank market on Jul. 8, sources reported.

The company hopes to raise up to RMB 4 billion through the issuance.

The bills will become tradable on Jul. 10, and both the value date and the payment due date will be Jul. 9.

The financing bills will be issued at face value and the yield will be determined in the process of book building.

The proceeds from the issuance will be mainly used to replenish the firm's working capital and repay bank loans, according to the company's statement.

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

Bank of Communications (BoComm)<601328><3328> and Industrial and Commercial Bank of China (ICBC)<601398><1398> have been hired as the major underwriters for the sale.