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United Inv’t to issue RMB 700 mln MTN

Oct. 17, 2012 (China Knowledge) - United Investment Group, a state owned enterprise in Hubei province, has announced it will issue RMB 700 million 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 24, and the to-be-issued notes tradable Oct 25.

RMB 350 million the proceeds from the issue will be used to repay bank loans, while the remaining RMB 350 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.

Ping An Bank Co<000001> has been hired as lead underwriter and bookrunner. Shanghai Pudong Development Bank Co Ltd<600000> will be the joint lead underwriter for the offering.







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