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China Railway Materials Commercial to issue RMB 2.1 bln bills

Feb. 29, 2012 (China Knowledge) - China Railway Materials Commercial Co Ltd, or CRM, a large-scale state-owned enterprise, focusing on integrated services to the railway industry and integrated services to the supply chain of steel business, intends to issue RMB 2.1 billion worth of 365-day unsecured bills on the interbank market on Mar. 6.

Coupon rate will be determined in the process of book-building. Both value date and payment due date is Mar. 7, and the to-be-issued bills tradable on Mar. 8.

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.

China Merchants Bank<600036><3968> has been assigned as the lead underwriter. Industrial Bank Co Ltd<601166> will be the joint lead underwriter.

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

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