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Yancheng State-Owned Assets Group to issue RMB 500 mln MTN

Nov. 9, 2012 (China Knowledge) - Yancheng Municipal State-Owned Assets Investment Group Co Ltd has announced it plans to issue RMB 500 million in medium-term notes with a maturity of five years 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 15, and the to-be-issued notes tradable Nov 16.

RMB 140 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 360 million to invest a project, said the issuer.

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

China Minsheng Banking Corp Ltd<600016><1988> has been hired as lead underwriter for the offering.

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

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