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Xinjiang Production & Construction Group to issue RMB 500 mln bills

Nov. 26, 2012 (China Knowledge) - Xinjiang Production & Construction Group State-Owned Assets Management & Operation Co has said it will issue RMB 500 million in unsecured bills with a maturity of 365 days on the interbank market on Dec. 3.

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 Dec. 5, and the to-be-issued bills tradable Dec. 6.

RMB 200 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 300 million to repay bank loans, said the issuer.

Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.

Shanghai Pudong Development Bank<600000> has been assigned as lead underwriter and bookrunner for the offering.

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