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Shougang Group to issue RMB 9 bln in notes on Aug. 23

Aug. 17, 2011 (China Knowledge) - Shougang Group, parent of Beijing Shougang Co Ltd<000959>, said it will issue RMB 9 billion worth of notes with a maturity of five years on the interbank market on Aug. 23.

Value date and payment due date of the group's first batch of medium-term notes this year will be Aug. 25, and the to-be-issued notes will become tradable on Aug. 26.

Dagong Global Credit Rating Co has rated the issuer and notes AAA and AAA, respectively.

Huaxia Bank Co Ltd<600015> has been assigned as the lead underwriter, while Agricultural Bank of China Ltd<601288><1288> will be the joint-underwriter and bookrunner.

According to Shenzhen-listed Beijing Shougang's website, the company has an annual output capacity of 4.3 million tons of iron, 4.5 million tons of steel, 3.5 million tons of wire rods, 170,000 tons of color-coated sheets and 180,000 tons of galvanized plates.

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