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Yancheng State-Owned Assets Group to issue RMB 500 mln MTN

Sep. 13, 2012 (China Knowledge) - Yancheng State-Owned Assets Group has announced it will issue RMB 500 million worth of medium-term notes with a maturity of five years in the interbank market on Sep 19.

The company said in a statement that the notes 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 20, and the to-be-issued notes tradable Sep 21.

RMB 250 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 250 million to repay bank loans, said the issuer.

Dagong Global Credit Rating Co Ltd has rated the issuer and notes AA and AA, respectively.

China Minsheng Banking Corp Ltd<600016><1988> has been assigned as the lead underwriter and bookrunner for the offering.

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