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Xinao China Gas Inv’t to issue RMB 1.2 bln bills

Oct. 23, 2012 (China Knowledge) - Xinao China Gas Investment Limited, a subsidiary of Hong Kong-listed Xinao Gas Holdings Ltd<2668> has announced it plans to issue RMB 1.2 billion in short-term bills with a maturity of 365 days in the interbank market on Oct 26.

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 29, and the to-be-issued bills tradable Oct 30.

RMB 600 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 600 million to repay bank loans, said the issuer.

Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.

Bank of China <601988><3988> has been hired as lead underwriter and bookrunner for the offering.

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