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Xiamen ITG group to issue RMB 700 mln bills

Aug. 1, 2012 (China Knowledge) - Xiamen ITG Group Corp Ltd<600755>, which is principally engaged in trading, property and port logistics business, announced that it plans to issue RMB 700 million unsecured bills with a maturity of 365 days on the interbank market on Aug 8.

The company said in a statement 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 9, and the to-be-issued bills tradable Aug 10.

RMB 400 million of the proceeds will be used to replenish working capital, while the remaining RMB 300 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 AA and A-1, respectively.

The Export and Import Bank of China (Eximbank) has been assigned as the lead underwriter and bookrunner. Shanghai Pudong Development Bank<600000> will be the joint lead underwriter for the offering.

This will be the issuer's first short-term bills this year.

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