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Beijing State-owned Assets to issue RMB 1.5 billion MTN

Sep. 26, 2012 (China Knowledge) - Beijing State-owned Assets Management Co Ltd, a wholly owned subsidiary of the Beijing Municipal Government, has announced it will issue RMB 1.5 billion in medium-term notes with a maturity of five years in the interbank market on Oct 9.

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 Oct 11, and the to-be-issued notes tradable Oct 12.

RMB 900 million of proceeds from the issue will be used to repay bank loans, while the remaining RMB 600 million to replenish working capital, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.

Bank of Beijing Co Ltd<601169> has been hired as lead underwriter and bookrunner for the offering.

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