Mobile operator China Unicom is looking to issue Yn16bn (US$2.4bn) worth of short-term commercial paper (SCP), Reuters reported citing sources.
The company did not respond to emails before the press deadline.
The paper, expected to mature in 180 days,…
Mobile operator China Unicom is looking to issue Yn16bn (US$2.4bn) worth of short-term commercial paper (SCP), Reuters reported citing sources.
The company did not respond to emails before the press deadline.
The paper, expected to mature in 180 days, will reportedly be sold in two tranches of Yn8bn each. It will be issued through a China Unicom’s subsidiary, China United Netcom (Hong Kong).
The main underwriters of the offering are Industrial and Commercial Bank of China, Agricultural Bank of China, and China Construction Bank, Reuters wrote. The paper has reportedly been sent to the National Association of Financial Market Institutional Investors (NAFMII) of China and it will be launched once the registration is complete.
In October last year, the mobile operator informed the Hong Kong stock exchange that it had sold about US$1.84bn in convertible bonds to expand its 3G network.
More recently, in late January, China Unicom and Spanish incumbent Telefonica announced they will deepen their strategic partnership with a new mutual investment of US$500m.