Apr. 26, 2012 (China Knowledge) - HNA Airport Holding (Group) Co, controlled by HNA Group, the parent company of Hainan Airlines Co Ltd<600221><900945>, has announced plans to issue RMB 600 million worth of medium term notes with a maturity of five years on the interbank market on May 3, sources reported.

Coupon rate will be determined in the process of bookbuilding. Both value date and payment due date is set on May 7, and the to-be-issued notes tradable on May 8.

Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.

Dagong Global Credit Rating Co Ltd has rated the issuer and notes AA and AA, respectively.

Export-Import Bank of China, one of the three government policy banks in China, has been assigned as the lead underwriter and bookrunner.

This will be the issuer's first medium-term note this year.

As of to date, the issuer has RMB 700 million in bonds.