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Taiyuan Coal Gasification Group to issue RMB 850 mln notes

Jul. 23, 2012 (China Knowledge) - Taiyuan Coal Gasification (Group) Corp, the controlling shareholder of Taiyuan Coal Gasification Co<000968> has announced that it plans to issue RMB 850 million worth of unsecured medium-term notes with a maturity of three years on the interbank market on Jul. 30.

The company said in a statement that the notes will be issued at the face value and coupon rate will be determined during the process of book-building.
Both value date and payment due date is on Aug. 1 and the to-be-issued notes tradable on Aug. 2.

Dagong Global Credit Rating Co Ltd has rated the issuer and notes AA and AAA, respectively.
Bank of Communications<601328><3328> has been hired as book-runner and lead underwriter for the deal.
Proceeds from the deal will be used to replenish the company's working capital and repay the debt.

This will be the first medium-term notes issued by the company this year.

In the first quarter of this year, the company suffered a loss of RMB 35.51 million, and its operating revenue was RMB 1.89 billion.

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