Oct. 17, 2012 (China Knowledge) - Guangxi Beibu Gulf International Port Group Ltd, parent company of Shenzhen-listed
Beihai Port Co Ltd<000582
>, has announced it plans to issue RMB 1 billion in short-term bills with a maturity of 365 days in the interbank market on Oct 19.
The company said in a statement that the bills 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 22, and the to-be-issued bills tradable Oct 23.
RMB 800 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 200 million to replenish working capital, said the issuer.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA+ and A-1, respectively.
Agricultural Bank of China<601288
> has been hired as lead underwriter and bookrunner for the offering.
This will be the issuer's second short-term bills this year.