May. 25, 2012 (China Knowledge) - State-owned Jiangsu
Jinghu Expressway Co announced today that it plans to issue RMB 500 million worth of 365-day unsecured bills on the interbank market on May 30, sources reported.
Coupon rate will be determined in the process of book-building and the bills be issued at face value.
Both value date and payment due date is May 31 and the to-be-issued bills tradable on Jun. 1.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.
China Everbright Bank Co Ltd<601818> has been hired as book-runner and lead underwriter for the offering.
The company plans to use RMB 200 million of the proceeds from the deal to replenish its working capital and RMB 300 million to repay bank loans.