Sep. 14, 2012 (China Knowledge) - Tianjin
Expressway Group Co Ltd has announced it will issue RMB 2 billion in medium-term notes with a maturity of five years in the interbank market on Sep 24.
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 25, and the to-be-issued notes tradable Sep 26.
RMB 100 million of the proceeds from the issue will be used to replenish working capital, RMB 800 million to repay bank loans and the rest RMB 1.1 billion to invest two expressway projects, said the issuer.
Dagong Global Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.
Industrial Bank Co Ltd<601166
> has been hired as lead underwriter and bookrunner. Shanghai Pudong Development Bank Co Ltd<600000
> will be joint lead underwriter for the offering.