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China Railway Materials to issue RMB 2 bln bills

Aug. 7, 2012 (China Knowledge) - China Railway Materials Co Ltd, a state-owned logistics enterprise, announced today that it plans to issue RMB 2 billion in super short-term bills with a maturity of 270 days on the interbank market on Aug. 8.

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 9, and the to-be-issued bills are tradable Aug 10.

All the proceeds from the issue will be used to repay bank loans, said the company.

Dagong Global Credit Rating Co has rated the issuer AAA.

China Everbright Bank Co Ltd<601818> has been assigned as the lead underwriter and bookrunner. Bank of Beijing Co Ltd <601169> will be joint lead underwriter for the offering.

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

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