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Jingmei Group to issue RMB 500 mln bills

Jun. 14, 2012 (China Knowledge) – Jingmei Group Co Ltd, a large state-owned coal mining enterprise based in Beijing, announced yesterday that it plans to issue RMB 500 million worth of short term bills with a maturity of 365 days on the inter-bank market on Jun 18.

The company said in a statement that the bills will be issued at 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.

Proceeds from the issue will be used to repay bank loans, said the issuer.

Dagong Global Credit Rating Co Ltd has rated the issuer and the bills AA+ and A-1, respectively.

Huaxia Bank Co Ltd<600015> 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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