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Midea Group to issue RMB 1 bln in bills

Apr. 2, 2012 (China Knowledge) - Midea Group, the parent company of GD Midea Holding Co Ltd<000527>, has announced that it plans to issue RMB 1 billion worth of 365-day unsecured bills on the interbank market from Apr. 9 to Apr. 10, the sources reported.

Coupon rate will be determined in the process of book-building and the bills will be issued at face value. Both value date and payment due date is on Apr. 11, and the to-be-issued bills tradable on Apr. 12.
Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.

Agricultural Bank of China Ltd or ABC<601288><1288> has been hired as book-runner and lead underwriter for the offering.

Proceeds from the offering will be used to replenish the group's working capital and repay bank loans.

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