Nov. 16, 2012 (China Knowledge) - Fujian
Provincial Communication Transportation Group Co Ltd has announced it plans to issue RMB 500 million in medium-term notes with a maturity of five years in the interbank market on Nov 23.
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 26, and the to-be-issued notes tradable Nov 27.
RMB 200 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 300 million to repay bank loans, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AA and AA, respectively.
Bank of Communications<601328
> has been assigned as the lead underwriter and book-runner for the offering.
This will be the issuer's second medium-term notes this year.