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Wuxi New District Economic Dev't to issue RMB 1.1 bln MTN

Oct. 18, 2012 (China Knowledge) - Wuxi New District Economic Development Group General Corporation has announced it will issue RMB 1.1 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 24, and the to-be-issued notes tradable Oct 25.

All the proceeds from the issue will be used to repay bank loans, said the issuer.

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

China Minsheng Banking Corp Ltd<600016><1988> has been hired as lead underwriter and bookrunner for the offering.

This will be the issuer's second medium-term notes this year.

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