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China National Aviation Fuel to issue RMB 2 bln bills

Nov. 16, 2012 (China Knowledge) - China National Aviation Fuel Group Corporation Limited, or CNAF, the largest state-owned aviation fuel supplier, has announced it plans to issue RMB 2 billion in super short-term bills with a maturity of 180 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 1.5 billion of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 500 million to replenish working capital, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.

Bank of Nanjing Co Ltd<601009> has been hired as lead underwriter and bookrunner. Zheshang Bank Co will be the joint lead underwriter for the offering.
This will be the issuer's second super short-term bills this year.

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