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China Communications Cons to issue RMB 2.5 bln in bills

Jun. 20, 2012 (China Knowledge) - China Communications Construction Co Ltd<601800><1800>, which operates transportation infrastructure and heavy machinery manufacturing businesses, has announced that it plans to issue RMB 2.5 billion in short-term bills with a maturity of 365 days on the interbank market on Jun. 25.
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 Jun. 26 and the to-be-issued bills tradable on Jun. 27.
Dagong Global Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.

China Merchants Bank<600036><3968> has been hired as book-runner and lead underwriter for the offering.

In the first quarter of this year, the company's net profit was RMB 1.53 billion, and its operating revenue was RMB 50.31 billion.

The company plans to use RMB 1 billion of the proceeds to replenish its working capital and the remaining RMB 1.5 billion to repay bank loans.

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