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China Jin Mao Group to issue RMB 750 mln in bills

Feb. 9, 2012 (China Knowledge) - China Jin Mao Group Co, a unit of Franshion Property (China) Ltd<0817>, said today that it will issue RMB 750 million worth of short-term bills with a maturity of 366 days on February 16.

The company said in a statement that the bills will be issued at face value, and the coupon rate be determined during the process of bookbuilding.

Both value date and payment due date is February 20, and the to-be-issued bills tradable on February 21.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.

China CITIC Bank Corp<601998><0998> has been hired as lead underwriter for the deal.

The company plans to use RMB 400 million of the proceeds from the deal to repay bank loans and RMB 350 million for hotel refurbishment.

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