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Zhejiang Communications Inv’t to issue RMB 2.4 bln MTN

Nov. 19, 2012 (China Knowledge) - Zhejiang Communications Investment Group Co Ltd has announced it plans to issue RMB 2.4 billion in medium-term notes with a maturity of ten years in the interbank market on Nov 26.

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 27, and the to-be-issued notes tradable Nov 28.

All the proceeds from the issue will be used to repay bank loans, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.

Bank of Communications<601328><3328> has been assigned as the lead underwriter and book-runner. China Development Bank will be joint lead underwriter for the offering.

This will be the company's second medium-term notes this year.

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