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Jiangsu Expressway to issue RMB 1 bln short-term debts

Jul. 27, 2012 (China Knowledge) - Jiangsu Expressway Company Ltd announced today that it plans to issue RMB 1 billion in short-term bills with a maturity of 365 days on the interbank market on Aug 1.

According to a statement, the company said 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 Aug 2, and the to-be-issued bills tradable Aug 3.

RMB 300 million of the proceeds will be used to replenish working capital, while the remaining RMB 700 million will be used to repay bank loans, said the issuer.

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

China Construction Bank Corp or CCB<601939><0939> has been assigned as the lead underwriter and bookrunner for the offering.

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