Oct. 17, 2012 (China Knowledge) - Hunan Expressway Construction and Development Corp has announced it will issue RMB 4 billion in medium-term notes with a maturity of five years in the interbank market on Oct 23.
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 25, and the to-be-issued notes tradable Oct 26.
RMB 2 billion of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 2 billion to invest projects, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.
Shanghai Pudong Development Bank Co Ltd<600000
>has been hired as lead underwriter and bookrunner. Agricultural Bank of China<601288
> will be the joint lead underwriter for the offering.
This will be the issuer's second medium-term notes this year.