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Ningbo Hangzhou Bay Bridge to issue RMB 300 mln bills

May. 22, 2012 (China Knowledge) - Ningbo Hangzhou Bay Bridge Development Co Ltd has announced plans to issue RMB 300 million worth of 365-day unsecured bills on the interbank market from May 25 to May 28.

Coupon rate will be determined in the process of book-building. Both value date and payment due date is set on May 29, and the to-be-issued bills tradable May 30.

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 bills AA and A-1, respectively.

Agricultural Bank of China Ltd<601288><1288> has been assigned as the lead underwriter and bookrunner.

This will be the issuer's first short-term bill this year, sources reported.

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