Mobile operator China Unicom has established a Yn10bn (US$1.6bn) medium term note programme, the proceeds of which will be used for working capital and general corporate purposes.
The notes will be offered to professional investors outside of the US…
Mobile operator China Unicom has established a Yn10bn (US$1.6bn) medium term note programme, the proceeds of which will be used for working capital and general corporate purposes.
The notes will be offered to professional investors outside of the US and will be issued in series with different maturity dates and terms, the company said.
The operator added that the programme allows notes to be drawn down from time to time but that it had “no current intention to drawdown the entire amount”.
Bank of China, CICC HK Securities, JP Morgan and Nomura are acting as arrangers.
A few weeks ago, Unicom launched the first tranche of super and short-term commercial paper for 2014, amounting to Yn10bn (US$1.61bn).
Beijing-headquartered Unicom is China’s second largest mobile operator and has 276 million subscribers. Spain’s Telefonica owns a 5% stake in the company.
