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China South Locomotive to issue RMB 2 bln bills

Dec. 5, 2012 (China Knowledge) - China South Locomotive & Rolling Stock Co Ltd<601766><1766>, or CSR, the country's largest manufacturer of rail carriage, has said it will issue RMB 2 billion in super short-term bills with a maturity of 270 days on the interbank market on Dec. 6.

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. 7, and the to-be-issued bills tradable Dec. 10.

All the proceeds from the issue will be used to replenish working capital, said the issuer.

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

China Development Bank has been assigned as lead underwriter and bookrunner. China Minsheng Banking Corp Ltd<600016><1988> will be the joint lead underwriter for the offering.

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