May. 18, 2012 (China Knowledge) - Zhejiang Communications Investment Group announced that it plans to issue RMB 3 billion worth of unsecured medium-term notes with a maturity of seven years on the interbank market on May 25.

The company said in a statement that the notes will be issued at face value and coupon rate will be determined in the process of book-building.

Both value date and payment due date is May 28, and the to-be-issued notes tradable on May 29.

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

China Everbright Bank Co Ltd<601818> has been hired as book-runner and lead underwriter for the offering.

Proceeds from the deal will be used to repay bank loans.