Sep. 18, 2012 (China Knowledge) - State Owned Wuhan
Urban Construction Investment & Development 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 25.
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 27, and the to-be-issued notes tradable Sep 28.
RMB 600 million of the proceeds from the issue will be used to replenish the working capital, RMB 800 million to repay bank loans, while the remaining RMB 600 million to invest one project, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.
Agricultural Bank of China Ltd<601288
> has been hired as lead underwriter and bookrunner for the offering.