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China National Aviation Holding to issue RMB 2 bln in bills

Mar. 15, 2012 (China Knowledge) - China National Aviation Holding Co (CNAH), the parent co of Air China Ltd<601111><0753>, the largest carrier in the country by market value, announced that it plans to issue RMB 2 billion worth of 365-day unsecured bills on the interbank market on Mar. 19.

Coupon rate will be determined in the process of book-building and the bills be issued at face value. Both value date and payment due date is Mar. 20, and the to-be-issued bills tradable on Mar. 21.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.

Bank of China Ltd<601988><3988> and China CITIC Bank Corp<601998><0998> have been hired as joint lead underwriters for the offering.

The group plans to use RMB 1 billion of the proceeds to pay principal and interest of bank loans, RMB 800 million to replenish working capital of Air China and RMB 200 million to fund the group's daily operations.

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