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Guangxi Communications Inv't to issue RMB 1.5 bln bills

Jan. 9, 2012 (China Knowledge) - Guangxi Communications Investment Group Co Ltd, the parent company of Guangxi Wuzhou Communications Co Ltd<600368>, has announced plans to issue RMB 1.5 billion worth of 366-day unsecured bills on the interbank market on January 12, sources reported.

Coupon rate will be determined in the process of book-building. Both value date and payment due date will be January 13, and the to-be-issued bills are tradable on January 16.

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

Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.

China Development Bank and China Everbright Bank Co Ltd<601818> have been assigned as the joint lead underwriters and bookrunners.

As of to date, the issuer, along its subsidiaries, has RMB 3 billion in medium-term notes.

According to the issuer's website, state-owned Guangxi Communications Investment had more than RMB 75 billion in total assets and RMB 27.5 billion in net asset at the end of 2010.

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