Jul. 17, 2012 (China Knowledge) - Guangxi Xinfazhan Communications Group Co announced that it will issue RMB 660 million worth of unsecured medium-term notes with a maturity of five years on the interbank market on July 24.
The company said in a statement that the notes will be issued at face value and coupon rate will be determined in the process of book-building.
Both value date and payment due date is set on July 25 and the to-be-issued notes tradable July 26.
RMB 200 million of the proceeds will be used to replenish working capital, RMB 110 million will be used to purchase equipment and the remaining RMB 350 million will be used to repay bank loans, said the issuer.
China Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and notes AA and AA, respectively.
Industrial Bank Co Ltd<601166
> has been assigned as lead underwriter and book-runner. China CITIC Bank Corp<601998
> will be the joint lead underwriter for the offering.
This will be the issuer's first medium-term notes this year.