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Hunan Expressway Construction and Development to issue RMB 2 bln bills

Dec. 13, 2012 (China Knowledge) - Hunan Expressway Construction and Development Corporation has said it will issue RMB 2 billion in unsecured bills with a maturity of 365 days on the interbank market on Dec. 20.

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. 21, and the to-be-issued bills tradable Dec. 24.

All the proceeds from the issue will be used to repay bank loans, said the issuer.

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

Industrial Bank Co Ltd<601166> has been assigned as lead underwriter and bookrunner for the offering.

This will be the issuer's third short-term bills this year.

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