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Dazhong Transportation to issue RMB 1.5 bln bills

Jun. 13, 2012 (China Knowledge) – Dazhong Transportation (Group) Co Ltd<600611><900903>, which is principally engaged in taxi operation, automobile leasing services and public bus passenger transportation business, announced yesterday that it plans to issue RMB 1.5 billion in bills with a maturity of 365 days on the inter-bank market on Jun 19.

According to a statement, the company said that the bills 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 20, and the to-be-issued bills tradable Jun 21.

RMB 1.1 billion of the proceeds will be used to repay bank loans and the remaining RMB 400 million will be used to replenish working capital, said the issuer.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and the bills AA and A-1, 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 short-term bill this year, sources reported.

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