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Heilongjiang Construction Group to issue RMB 350 mln MTN

Nov. 26, 2012 (China Knowledge) - Heilongjiang Construction Group Co Ltd has said it plans to issue RMB 350 million in medium-term notes with a maturity of five years in the interbank market on Dec 3.

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 Dec 4, and the to-be-issued notes tradable Dec 5.

RMB 220 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 130 million to repay bank loans, said the issuer.

Dagong Global Credit Rating Co Ltd has rated the issuer and notes AA- and AA-, respectively.

Ping An Bank Co<000001> has been assigned as the lead underwriter and book-runner for the offering.

This will be the issuer's first medium-term notes this year.

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