China Knowledge reported that China National Petroleum Corp or CNPC, the parent company of PetroChina Co Ltd will issue medium-term notes worth CNY 10 billion with a maturity of three years on November 25.

The company said in a statement that the notes will be issued at face value and the coupon rate be determined through public bidding. Both value date and payment due date is November 28 and the to-be-issued notes tradable on November 29.

Proceeds from the deal will be used to replenish the firm’s working capital. China Lianhe Credit Rating Co Ltd has rated the issuer and bills AAA and AAA respectively.

Industrial and Commercial Bank of China and Bank of Communications have been hired as joint lead underwriters for the offering.

(Sourced from China Knowledge)