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State-owned China CO-OP to issue RMB 1 bln bills

Feb. 9, 2012 (China Knowledge) - China CO-OP Group, a state-owned comprehensive enterprise, has announced plans to issue RMB 1 billion worth of 366-day unsecured bills on the interbank market on Feb. 15.

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

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 AAA and A-1, respectively.

Shenzhen Development Bank Co Ltd<00001> has been assigned as the lead underwriter and bookrunner.

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

At the end of last June, the issuer had RMB 61.24 billion in total assets with debt/asset ratio of 86%, and the company's revenue derived from core businesses reached RMB 56.42 billion in the first half of 2011.

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