Sep. 14, 2012 (China Knowledge) - Jiangsu Expressway Company Limited<600377
>, which is mainly engaged in investment, construction, operation and management of some toll expressways within Jiangsu
province, has announced it will issue RMB 1 billion in short-term bills with a maturity of 365 days in the interbank market on Sep 20.
The company 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 21, and the to-be-issued bills tradable Sep 24.
RMB 500 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 500 million to replenish working capital, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
China Construction Bank<601939
> has been hired as lead underwriter and bookrunner.