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Yunnan Expo Tourism to issue RMB 330 mln notes

Feb. 3, 2012 (China Knowledge) - Yunnan Expo Tourism Group Holdings Ltd, a state-owned tourism property developer based in Yunnan Province, intends to issue RMB 330 million worth of unsecured notes with a maturity of three years on the interbank market on Feb. 9, sources reported.

Coupon rate will be determined in the process of book-building. Both value date and payment due date is set on Feb. 10, and the to-be-issued notes tradable on Feb. 13.

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

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

China Construction Bank<601939><0939> has been assigned as the lead underwriter and bookrunner.

This will be the issuer's first medium-term note this year.

As of to date, the issuer has no debts in the form of bond.

At the end of last September, Yunnan Expo Tourism Group had RMB 3.29 billion in total assets with debt/asset ratio of 44.17%, and the company's gross profit for the first nine months of 2011 totaled RMB 58.7 million.

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