OREANDA-NEWS. August 10, 2011. Shenzhen Gas Corp Ltd, which is principally engaged in city pipe gas business, petroleum gas wholesaling and business of petroleum gas in canisters, said that it will issue RMB 300 million in short-term bills with a maturity of 366 days on the interbank market, sources reported.

The company said in a statement that this batch of bills will be issued at the face value, and the yield will be determined in the process of book building. Both value date and payment due date will be Aug. 8.

The company said that the proceeds from the issuance will be used to replenish the firm's working capital, according to the company.

China Cheng Xin International Credit Rating Co Ltd has rated the issuer and the bills AA+ and A-1, respectively.

Hua Xia Bank Co has been assigned as major underwriter for the sale.

Shenzhen Gas operates its businesses primarily through gas wholesaling, city pipe gas supply and services, gas supply in canister and provision of services, as well as investment and construction of gas pipelines.