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Xiamen CCRE Group to issue RMB 1.4 bln unsecured bills

Sep. 12, 2012 (China Knowledge) - Xiamen CCRE Group Co, a state-owned enterprise directly managed by the City of Xiamen, has said it will issue RMB 1.4 billion in unsecured short-term bills with a maturity of 365 days in the interbank market on Sep 18.

The group said in a statement that the bills will be issued at face value, and the coupon rate determined in the process of book-building.

Both value and payment due date is set on Sep 19, and the to-be-issued bills tradable Sep 20.

RMB 700 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 700 million to repay bank loans, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.

China Construction Bank Co<601939><0939> has been assigned as the lead underwriter and bookrunner for the offering.

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