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Sichuan Railway Industry to issue RMB 2 bln notes

Jan. 10, 2012 (China Knowledge) - Sichuan Railway Industry Investment Group Co Ltd, the parent company of Sichuan Road & Bridge Co Ltd<600039>, has announced plans to issue RMB 2 billion worth of unsecured notes with a maturity of five years on the interbank market on January 13, sources reported.

Coupon rate will be determined in the process of book-building. Both value date and payment due date will be January 16, and the to-be-issued notes are tradable on January 17.

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

China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.

China Minsheng Banking<600016> and Hua Xia Bank Co Ltd<600015> have been assigned as the joint lead underwriters.

As of to date, the issuer has RMB 2 billion in bonds.

On December 13, 2011, Sichuan Railway Industry Investment Group issued RMB 2 billion of five-year notes with a coupon rate of 5.73%. RMB 1.7 billion of the proceeds will be used to develop a ring expressway in Chengdu, Sichuan Province, while the remaining RMB 300 million is used to replenish working capital.

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