Nov. 14, 2012 (China Knowledge) - Shanghai International Port (Group) Co Ltd<600018
>, China's largest port operator, 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 19.
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 20, and the to-be-issued bills tradable Nov 21.
RMB 300 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 700 million to repay bank loans, said the issuer.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AAA and A-1, respectively.
China Merchants Bank <600036
>, has been hired as lead underwriter and bookrunner. Bank of Communications<601328
>, will be the joint lead underwriter for the offering.
This will be the issuer's forth short-term bills this year.