Nov. 27, 2012 (China Knowledge) - Heilongjiang
Longmay Mining Group Co Ltd, a state-owned enterprise engaged in coal mining, marketing and transportation, has said it plans to issue RMB 5 billion in medium-term notes with a maturity of three years in the interbank market on Dec 4.
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 5, and the to-be-issued notes tradable Dec 6.
RMB 3.5 billion of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 1.5 billion to repay bank loans, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.
Industrial Bank Co Ltd<601166
> 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.