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Tianjin Metro to issue RMB 3 bln MTN

Nov. 13, 2012 (China Knowledge) - State owned Tianjin Metro Group Co Ltd has announced it plans to issue RMB 3 billion in medium-term notes with a maturity of five years in the interbank market on Nov 20.

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 21, and the to-be-issued notes tradable Nov 22.

RMB 1.8 billion of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 1.2 billion to replenish working capital, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.

Industrial and Commercial Bank of China <601398><1398> has been hired as lead underwriter and bookrunner. Shanghai Pudong Development Bank Co Ltd<600000> will be the joint lead underwriter for the offering.

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