Nov. 5, 2012 (China Knowledge) - China National Aviation Holding Company<601111
>, the nation's flagship carrier, has announced it plans to issue RMB 600 million in super short-term bills with a maturity of 180 days in the interbank market on Nov 6.
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 7, and the to-be-issued bills tradable Nov 8.
RMB 300 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 300 million to repay bank loans, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer AAA.
Industrial and Commercial Bank of China <601398
> and China CITIC Bank Corp<601998
> have been hired as joint lead underwriter for the offering.
This will be the issuer's first super short-term bills this year.