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Yunnan Logistics Industry Group to issue RMB 500 mln bills

Oct. 23, 2012 (China Knowledge) - Yunnan Logistics Industry Group Co Ltd, a state owned enterprise in Yunnan Province, 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 30.

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 Nov 1, and the to-be-issued bills tradable Nov 2.

RMB 300 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 200 million to repay bank loans, said the issuer.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA- and A-1, respectively.

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

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