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Qingdao City Construction Inv’t to issue RMB 1 bln bills

Nov. 6, 2012 (China Knowledge) - State owned Qingdao City Construction Investment Group Co Ltd, has announced it plans to issue RMB 1 billion in short-term bills with a maturity of 365 days in the interbank market on Nov 14.

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 16, and the to-be-issued bills tradable Nov 19.

RMB 400 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 AAA and A-1, respectively.

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

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