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Yingkou Port to issue RMB 1.2 bln bills

Oct. 24, 2012 (China Knowledge) - Yingkou Port Group Co Ltd, the second-largest port in Northeast China, has announced it will issue RMB 1.2 billion in short-term bills with a maturity of 365 days in the interbank market on Oct 31.

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 2, and the to-be-issued bills tradable Nov 5.

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.

Shanghai Pudong Development Bank Co Ltd<600000> has been hired as lead underwriter and bookrunner for the offering.

This will be the issuer's second short-term bills this year.

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