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Fujian Communication Transportation to issue RMB 500-mln bills

Jan. 11, 2012 (China Knowledge) - State-owned Fujian Provincial Communication Transportation Group Co Ltd said today that it will issue RMB 500 million worth of unsecured short-term bills with a maturity of 366 days on January 17.

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 18, and the to-be-issued bills are tradable on January 19.

Proceeds from the deal will be used to replenish its working capital.

China Lianhe Credit Rating Co Ltd has rated the issuer and bills AA and A-1, respectively.

Industrial Bank Co Ltd<601166> and CITIC Securities Co<600030> have been hired as joint lead underwriters.

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