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BAIC Group to issue RMB 1 bln MTN

Nov. 8, 2012 (China Knowledge) - BAIC Group, which was previously known as Beijing Automotive Industry Holding Corp and is the fifth-largest automaker in China, has announced it plans to issue RMB 1 billion in medium-term notes with a maturity of seven years in the interbank market on Nov 15.

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 notes tradable Nov 19.

RMB 540 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 460 million to replenish working capital, said the issuer.

Dagong Global Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.

Bank of Beijing Co Ltd<601169> has been hired as lead underwriter and bookrunner. Shanghai Pudong Development Bank Co Ltd<600000> will be joint lead underwriter for the offering.

This will be the company's second medium-term notes this year.







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