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Guangxi Beibu Gulf Int’l Port to issue RMB 500 mln bills

Nov. 16, 2012 (China Knowledge) - Guangxi Beibu Gulf International Port Group Ltd, parent company of Shenzhen-listed Beihai Port Co Ltd<000582>, 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 23.

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 26, and the to-be-issued bills tradable Nov 27.

RMB 290 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 210 million to replenish working capital, said the issuer.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA+ and A-1, respectively.

China Construction Bank Corp<601939><0939> has been hired as lead underwriter and bookrunner for the offering.

This will be the issuer's third short-term bills this year.







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