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China Minmetals to issue RMB 3 bln in bills

Feb. 2, 2012 (China Knowledge) - China Minmetals Corp, the country's largest state-owned metal and mineral producer and trader, said yesterday that it would issue RMB 3 billion in unsecured bills with a maturity of 366 days on the inter-bank market on February 8.

The firm said in a statement that the bills will be issued at face value, and the coupon rate to be determined during the process of bookbuilding.

Both value date and payment due date is set on the February 9, and the to-be-issued bills are tradable on February 10.
China Chengxin International Credit Rating Co Ltd has rated the bills and the issuer A-1 and AA+, respectively.

China Everbright Bank Co Ltd<601818> is hired as lead underwriter for the deal.

The group will use RMB 1.5 billion of the proceeds to replenish its working capital and RMB 1.5 billion to repay bank loans.

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