Xiang Lu Petrochemicals Co Ltd has said it plans to issue RMB 700 million in medium-term notes with a maturity of three years in the interbank market on Dec 27.

The company said in a statement that the notes 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 Dec 28, and the to-be-issued notes tradable Dec 31.

RMB 400 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 300 million to replenish working capital, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA and AA, respectively.

Industrial and Commercial Bank of China<601398><1398> has been hired as lead underwriter and bookrunner. Agricultural Bank of China Ltd<601288><1288> will be the joint lead underwriter for the offering.

This will be the issuer's second medium-term notes this year.