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Ningbo Port to issue RMB 1 bln MTN

Apr. 12, 2012 (China Knowledge) – Ningbo Port Co<601018>, the operator of the country's second-biggest port by throughput, announced yesterday that it plans to issue RMB 1 billion worth of secured medium term notes with maturity of 3 years on the interbank market on Apr. 16.

Coupon rate will be determined in the process of bookbuilding. Value date is Apr.16 and payment due date is Apr. 18.

Proceeds from the deal will be used to replenish the firm’s working capital and repay loans.

China Chengxin International credit rating Co has rated the issuer and bonds AAA and AAA, respectively.

Bank of China International (China) Ltd has been hired as bookrunner and lead underwriter for the offering.

This will be the first medium-term notes issued by the company this year.

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