China Knowledge reported that Guangzhou Automobile Industry Group Co the parent company of Guangzhou Automobile Group Co Ltd will issue CNY 600 million worth of short term bills with a maturity of 366 days on November 18.

The company said in a statement that the bills will be issued at face value and the coupon rate be determined during the process of book building.

Both value date and payment due date is November 21 and the to-be-issued bills tradable on November 22. Proceeds from the deal will be used to replenish the firm’s working capital and repay bank loans.

China Lianhe Credit Rating Co Ltd has rated the issuer and bills AAA and A-1 respectively. China Construction Bank Co has been hired as lead underwriter for the offering.