Sep. 4, 2012 (China Knowledge) - Hunan
Expressway Construction and Development Corp has said today that it plans to issue RMB 1.9 billion worth of unsecured medium-term notes with a maturity of three years on the interbank market on Sep. 11.
The company said in a statement that the notes will be issued at face value, and coupon rate determined through the process of book-building.
Both value and payment due date is on Sep. 12 and the to-be-issued notes tradable Sep. 13.
China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.
China Development Bank has been hired as book-runner and lead underwriter for the offering.
The company plans to use RMB 1.5 billion of the proceeds to repay bank loans and the remaining RMB 400 million to replenish its working capital.
This will be the second medium-term notes issued by the company this year.