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Wuhan Econ Devt Inv Grp Co to issue RMB 350 mln notes

Jun. 11, 2012 (China Knowledge) – Wuhan Economic Development Investment Group Co, a large state-owned investment company based in Wuhan, Hubei province, announced last Friday that it plans to issue RMB 350 million worth of medium-term notes with a maturity of five years on the interbank market on Jun. 15.

According to a statement, the company said that the notes will be issued at the face value, and the coupon rate will be determined in the process of book-building.

Both value date and payment due date is set on Jun. 18 and the to-be-issued notes tradable Jun. 19.

RMB 200 million of the proceeds will be used to repay bank loans and the remaining RMB 150 million will be used to replenish working capital, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and the bills AA and AA, respectively.

Bank of Communications<601328><3328> has been assigned as the lead underwriter and bookrunner for the offering.

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

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