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SIP State Property to issue RMB 1 bln MTN

Oct. 17, 2012 (China Knowledge) - SIP State Property Holding Co Ltd has announced it will issue RMB 1 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 200 million the proceeds from the issue will be used to repay bank loans, RMB 500 million to invest projects, and the remaining RMB 300 million to replenish working capital, said the issuer.

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

China CITIC Bank Corp<601998><0998> has been hired as lead underwriter and bookrunner for the offering.

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