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China Eastern Air to issue RMB 1 bln bills

Mar. 1, 2012 (China Knowledge) - China Eastern Air Holding Co, the parent co of China Eastern Airlines Co Ltd<600115><0670>, has announced plans to issue RMB 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 Development Bank has been assigned as the lead underwriter and bookrunner. China Minsheng Banking<600016> will be the joint lead underwriter.

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

As of to date, the issuer has RMB 500 million in medium-term notes.

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