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Sanya Phoenix International Airport to issue RMB 500 mln bills

Nov. 15, 2012 (China Knowledge) - Sanya Phoenix International Airport Co Ltd, which is controlled by HNA Group, the parent of Hainan Airlines Co Ltd<600221><900945>, has announced it plans to issue RMB 500 million in short-term bills with a maturity of 365 days in the interbank market on Nov 22.

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 23, and the to-be-issued bills tradable Nov 26.

RMB 300 billion 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.

Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA and A-1, respectively.

China Everbright Bank Co Ltd<601818> has been hired as lead underwriter and bookrunner. China Development Bank will be the joint lead underwriter for the offering.

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