Oct. 3, 2011 (China Knowledge) - Guangdong Provincial Expressway Development<000429
> plans to issue RMB 1 billion worth of medium-term notes with a maturity of five years on the interbank market on Oct. 12, according to a statement filed with the Shenzhen Stock Exchange
Coupon rate will be determined in the process of book building. Both valued date and payment due date is set Oct. 13, and the to-be-issued notes tradable on Oct. 14.
Proceeds from the issue will be used to replenish working capital and repay bank loans, said the issuer.
China Everbright Bank Co Ltd<601818> is mandated as the lead underwriters and book runner.
Dagong Global Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.
As of Jun. 30, 2011, Guangdong Provincial Expressway Development had RMB 10.88 billion in total assets and 56.57% in debt/asset ratio. The issuer's gross profit for the first half of this year totaled RMB 197 million with gross margin of 50.93%.