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Shaanxi Electronic Information Group to issue RMB 800 mln MTN

Oct. 24, 2012 (China Knowledge) - Shaanxi Electronic Information Group, a state owned enterprise in Shaanxi Province, has announced it will issue RMB 800 million in medium-term notes with a maturity of five years in the interbank market on Oct 30.

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 31, and the to-be-issued notes tradable Nov 1.

RMB 550 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 250 million to replenish working capital, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA and AA, respectively.

China Everbright Bank Co Ltd<601818> has been hired as lead underwriter and bookrunner, Industrial Bank Co Ltd<601166> will be the joint lead underwriter for the offering.

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