Oct. 23, 2012 (China Knowledge) - HNA Airport Holding (Group) Co, controlled by HNA Group, the parent company of Hainan Airlines Co Ltd<600221
>, has announced it will issue RMB 600 million in medium-term notes with a maturity of five years in the interbank market on Oct 26.
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 29, and the to-be-issued notes tradable Oct 30.
RMB 80 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 520 million to repay bank loans, said the issuer.
Dagong Global Credit Rating Co Ltd has rated the issuer and notes AA and AA, respectively.
Export-Import Bank of China has been hired as lead underwriter and bookrunner for the offering.