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China Aerospace Science & Industry Corp to issue RMB 1 bln bills

Aug. 8, 2012 (China Knowledge) - State-owned China Aerospace Science and Industry Corp (CASIC) has announced that it plans to issue RMB 1 billion in super short-term bills with a maturity of 90 days on the interbank market on Aug. 9.

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 10, and the to-be-issued bills are tradable Aug 13.

RMB 850 million of the proceeds from the issue will be used to replenish working capital and the remaining RMB 150 million to repay bank loans, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer AAA.

China Construction Bank Corp or CCB<601939><0939> has been assigned as the lead underwriter and bookrunner. Industrial Bank Co Ltd<601166> will be joint lead underwriter for the offering.

This is the issuer's first super short-term bills this year.

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