Aug. 24, 2012 (China Knowledge) - China United Network Communications Co, also known as China Unicom, said today that it will issue RMB 1.5 billion in unsecured super short-term bills with a maturity of 60 days on the interbank market on Aug. 27.
The company said that the bills will be issued at face value, and the coupon rate determined through the process of book-building.
Both value and payment due date will be on Aug. 28, and the to-be-issued bills tradable on Aug. 29.
China Chengxin International Credit Rating Co Ltd has rated the issuer AAA.
Proceeds from the deal will be used to replenish the company's working capital.
Industrial and Commercial Bank of China<601398
> has been hired as book-runner and lead underwriter for the offering, and Agricultural Bank of China Ltd or ABC<601288
> will be joint lead underwriter.
This will be the second short-term bills issued by the company this year.