May. 23, 2012 (China Knowledge) - Nanfang Media Group, the operator of Nanfang Daily, an official Guangdong Communist Party newspaper, has announced plans to issue RMB 350 million medium term notes with a maturity of five years on the interbank market on May 30.

Coupon rate will be determined in the process of book-building. Both value date and payment due date is set on May 31, and the to-be-issued notes tradable on Jun. 1.

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

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and notes AA+ and AA+, respectively.

China Everbright Bank Co Ltd<601818> has been assigned as the lead underwriter and bookrunner.

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