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AVIC's unit to issue RMB 300 mln bills

Jan. 20, 2012 (China Knowledge) - Jincheng Corp, controlled by state-owned Aviation Industry Corp of China or AVIC, the country's leading aviation manufacturer, has announced plans to issue RMB 300 million worth of 366-day unsecured bills on the interbank market on January 30, sources reported.

Coupon rate will be determined in the process of book-building. Both value date and payment due date will be January 31, and the to-be-issued bills are tradable on February 1.

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

AVIC provides unconditional and irrevocable guarantee for the issuance and is rated AAA by China Lianhe Credit Rating Co Ltd. The credit rating company also has rated the issuer and bills A+ and A-1, respectively.

Bank of Communications<601328><3328> has been assigned as the lead underwriter and bookrunner. Bank of Shanghai will be the joint lead underwriter.

This will be the issuer's first short-term bill this year.

According to the issuer's website, the company is engaged in the five industries, consisting of mechatronics and hydraulics, light power, vehicles, international trade and production service.

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