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China National Gold Group to issue RMB 2 bln bills

Nov. 22, 2012 (China Knowledge) - China National Gold Group Corp, one of the country's largest gold producers, will issue RMB 2 billion in super short-term bills with a maturity of 270 days in the interbank market tomorrow.

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 1.5 billion of the proceeds from the issue will be used to replenish the working capital, while the remaining RMB 500 million to repay bank loans, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer AAA.

Agricultural Bank of China Ltd or ABC<601288><1288> has been hired as lead underwriter and bookrunner. China CITIC Bank<601998><0998> will be the joint lead underwriter for the bill offering.

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







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