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Jiangsu Lianyungang Port to issue RMB 1 bln bills

Nov. 13, 2012 (China Knowledge) - Jiangsu Lianyungang Port Group, the parent company of Jiangsu Lianyungang Port Co Ltd<601008>, 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 15.

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 19, and the to-be-issued bills tradable Nov 20.

RMB 200 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 800 million to repay bank loans, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA and A-1, respectively.

Industrial and Commercial Bank of China <601398><1398> has been hired as lead underwriter and bookrunner. China Everbright Bank Co Ltd <601818> will be the joint lead underwriter for the offering.

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