Nov. 9, 2012 (China Knowledge) - Tianjin Airlines Ltd, a Tianjin-based
carrier set up by Hainan Airlines Group and the Tianjin Municipal Government, has announced it plans to issue RMB 400 million 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 15, and the to-be-issued bills tradable Nov 16.
RMB 200 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 200 million to repay bank loans, said the issuer.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA- and A-1, respectively.
Bank of Beijing Co Ltd <601169
> has been hired as lead underwriter and bookrunner. China Development Bank will be the joint lead underwriter for the offering.
This will be the company's second short-term bills this year.