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Wuhan New Harbor Group to issue RMB 400 mln bills

Nov. 19, 2012 (China Knowledge) - State-owned Wuhan New Harbor Construction & Investment Development Group Co Ltd has announced it plans to issue RMB 400 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 26, and the to-be-issued bills tradable Nov 27.

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

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

Shanghai Pudong Development Bank Co Ltd<600000> has been assigned as the lead underwriter and book-runner. China Guangfa Bank will be joint lead underwriter for the offering.

This will be the company's second short-term bills this year.

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