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Ningbo Urban Construction Inv’t to issue RMB 1 bln MTN

Oct. 25, 2012 (China Knowledge) - State owned Ningbo Urban Construction Investment Holding Co Ltd , has announced it will issue RMB 1 billion in medium-term notes with a maturity of five years in the interbank market on Nov 1.

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

RMB 600 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 400 million to replenish working capital, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.

China Development Bank has been hired as lead underwriter and bookrunner. CITIC Securities Co Ltd <600030> will be the joint lead underwriter for the offering.







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