OREANDA-NEWS. June 04, 2013. Shaanxi Yanchang Petroleum (Group) Co Ltd, a state owned enterprise directly attached to Shaanxi Provincial government has announced that it plans to issue CNY 3 billion in short-term bills with a maturity of 365 days in the interbank market.

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 May 28, and the to-be-issued bills tradable on May 29.

RMB 1 billion of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 2 billion to repay bank loans.

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

Bank of Communications has been assigned as the lead underwriter and book-runner. Industrial Bank Co Ltd will be the joint lead underwriter for the offering.