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Beiying Iron & Steel to issue RMB 500 mln bills

Jan. 30, 2012 (China Knowledge) - Beiying Iron & Steel Group, a steel supplier based in Benxi, Liaoning Province, yesterday said that it will issue RMB 500 million worth of 366-day unsecured bills on the interbank market on February 1, sources reported.

Coupon rate will be determined in the process of book-building. Both value date and payment due date will be February 2, and the to-be-issued bills are tradable on February 3.

Proceeds from the issuance will be principally used to replenish working capital, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and bills AA and A-1, respectively.

China Evergrowing Bank Co Ltd has been assigned as the lead underwriter.

As of to date, the issuer has RMB 1 billion in short-term bills and RMB 3 billion in medium-term notes.

Established in 2002, the issuer currently has an annual output capacity of 8 million tons of pig iron, 8 million tons of billet and 10 million tons of rolled steel, sources reported.

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