Nov. 26, 2012 (China Knowledge) - Guangdong
China Travel Service Co Ltd has said it will issue RMB 350 million in unsecured bills with a maturity of 365 days in the interbank market on Nov. 28.
The company said 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 29, and the to-be-issued bills tradable Nov 30.
RMB 101.5 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 248.5 million to repay bank loans, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA- and A-1, respectively.
China Development Bank has been assigned as the lead underwriter and book-runner for the offering.