May. 17, 2012 (China Knowledge) - China National Travel (HK) Group Corp has said it will issue RMB 2.6 billion worth of notes with a maturity of seven years on the interbank market on May 23.
Coupon rate will be determined in the process of book-building. Both value date and payment due date is set on May 24, and the to-be-issued notes tradable May 25.
Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.
Citic Securities, China's largest securities firm by market value, has been assigned as the lead underwriter and bookrunner. Agricultural Bank of China Ltd<601288
> will be the joint lead underwriter.
This will be the issuer's first medium-term note this year.
As of to date, the issuer has RMB 2 billion in corporate bonds, and its subsidiaries, has RMB 4.8 billion of medium-term notes.