May. 14, 2012 (China Knowledge) –China United Network Communications Ltd<600050>, the parent company of China Unicom (Hong Kong) Ltd<0762>, has announced that it will issue RMB 15billion in super short-term bills with a maturity of 60 days on the interbank market on May 15.

The company said in a statementthat the bills will be issued at the face value, and the coupon rate will be determined in the process of bookbuilding.

Both value date and payment due date is set onMay 16, and the to-be-issued bills are tradable May 17.

RMB 7.5 billion of the proceeds will be used to replenish working capital while the rest of RMB 7.5 billon will be used to repay bank loans, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer AAA.

Bank of China<601988><3988> has been assigned as the lead underwriter and bookrunner. China Construction Bank<601939><0939> will be the joint lead underwriter for the offering.