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China National Gold Group to issue RMB 1.5 bln bills

Jul. 6, 2012 (China Knowledge) - China National Gold Group Corp, one of the country's largest gold producers, will issue RMB 1.5 billion in unsecured bills with a maturity of 365 days on the interbank market on Jul. 10, sources reported.

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 will be Jul. 11, and the to-be-issued bills are tradable on Jul. 12.

China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.

Proceeds from the deal will be used to replenish the group's working capital and repay bank loans.

Industrial Bank Co Ltd<601166> has been assigned as lead underwriter and book-runner for the bill offering.

This will be the second short-term bills issued by the group this year.

In the first quarter of this year, the company's net profit was RMB 36.06 million and its operating revenue was RMB 5.49 billion.

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