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China Eastern Air to issue RMB 700 mln MTN

Apr. 20, 2012 (China Knowledge) - China Eastern Air Holding Co, the parent co of China Eastern Airlines Co Ltd<600115><0670><CEA>, the country's third-largest carrier, has said it will issue RMB 700 million medium term notes with a maturity of five years on the interbank market on Apr. 24, sources reported.

Coupon rate will be determined in the process of book-building. Both value date and payment due date is set on Apr. 25, and the to-be-issued notes tradable on Apr. 26.

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 notes AAA and AAA, respectively.

China Development Bank has been assigned as the lead underwriter and bookrunner.

This will be the issuer's first medium-term note this year.

As of to date, the issuer has RMB 500 million in medium-term notes and RMB 1 billion in short-term bills.

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