Tianjin Port (Group) Co Ltd, the largest port operator in North China, said that it will issue RMB 3 billion in short-term bills with a maturity of 366 days on the interbank market on Jul. 25, sources reported, China Knowledge reports.
The company said in a statement that this batch of bills will be issued at the face value, and the yield will be determined in the process of book building. Both value date and payment due date will be Jul. 26.
Proceeds from the issuance will be mainly used to replenish the firm's working capital and repay bank loans, according to the company.
Dagong Global Credit Rating Co Ltd has rated the issuer and the bills AAA and A-1, respectively.
China Merchants Bank has been assigned as major underwriter for the sale.
Tianjin Port plans to invest RMB 45 billion in the construction of port and shipping facilities in the next five years. Tianjin Port, the entry point to Beijing, plans to spend RMB 13.5 billion on infrastructure construction this year. The group intends to build 28 new berths and rebuild 27 berths this year. It will also create a 5.3-million-square-metre stack yard.
The company said in a statement that this batch of bills will be issued at the face value, and the yield will be determined in the process of book building. Both value date and payment due date will be Jul. 26.
Proceeds from the issuance will be mainly used to replenish the firm's working capital and repay bank loans, according to the company.
Dagong Global Credit Rating Co Ltd has rated the issuer and the bills AAA and A-1, respectively.
China Merchants Bank has been assigned as major underwriter for the sale.
Tianjin Port plans to invest RMB 45 billion in the construction of port and shipping facilities in the next five years. Tianjin Port, the entry point to Beijing, plans to spend RMB 13.5 billion on infrastructure construction this year. The group intends to build 28 new berths and rebuild 27 berths this year. It will also create a 5.3-million-square-metre stack yard.