May. 4, 2012 (China Knowledge) - China Marine Bunker (PetroChina) Co Ltd, a unit of PetroChina Co Ltd<601857
>, has announced plans to issue RMB 1 billion worth of notes with a maturity of five years on the interbank market on May 11.
Coupon rate will be determined in the process of bookbuilding. Both value date and payment due date is set on May 14, and the to-be-issued notes tradable May 15.
Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.
China Merchants Bank<600036
> has been assigned as the lead underwriter and bookrunner.
This will be the issuer's first medium-term note this year, sources reported.