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Jiangsu Communication Holding to issue RMB 2.2 bln in bills

Jan. 5, 2012 (China Knowledge) - Jiangsu Communication Holding Co said today that it will issue RMB 2.2 billion worth of unsecured short-term bills with a maturity of 366 days on January 12.

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

Both value date and payment due date is January 13, and the to-be-issued bills are tradable on January 16.

Proceeds from the deal will be used to repay bank loans and replenish its working capital.

China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.

Industrial and Commercial Bank of China<601398><1398> has been hired as lead underwriters for the offering.

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