Jan. 9, 2012 (China Knowledge) - Gansu
Provincial Highway Aviation Tourism Investment Group Co Ltd said today that it will issue RMB 3 billion worth of bonds on the interbank bond market on January 16.
The company said in a statement that it will issue RMB 2.5 billion in seven-year bonds and RMB 500 million in three-year bonds.
The bonds 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 17 and the to-be-issued bonds are tradable on January 18.
The company will use RMB 1.6 billion of the proceeds to fund road construction, RMB 500 million to replenish its working capital and RMB 900 million to repay bank loans.
Dagong Global Credit Rating Co Ltd has rated the issuer and bonds AA+ and AA+, respectively.
China Development Bank has been hired as lead underwriter for the deal.