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Fujian Provincial Expressway to issue RMB 5 bln MTN

Oct. 22, 2012 (China Knowledge) - Fujian Provincial Expressway Company Ltd has announced it will issue RMB 5 billion in medium-term notes with a maturity of seven years in the interbank market on Oct 25.

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 26, and the to-be-issued notes tradable Oct 29.

RMB 4.5 billion of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 500 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 Development Bank has been hired as lead underwriter and bookrunner. Bank of China<601988><3988> will be the joint lead underwriter for the offering.

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

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