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Shanxi Taigang Stainless Steel to issue RMB 2.5 bln bonds

Feb. 10, 2012 (China Knowledge) - Shanxi Taigang Stainless Steel Co Ltd<000825>, principally engaged in the metallurgy of iron and steel, has announced plans to issue not more than RMB 2.5 billion worth of corporate bonds with a maturity of five years on the interbank market.

The bonds will be issued at the end of this month, said a person familiar with the matter.

China International Capital Corp has been assigned as the lead underwriter and bookrunner.

The issuer and bonds has been rated AAA and AAA, respectively, by Dagong Global Credit Rating Co Ltd. Taiyuan Iron & Steel (Group) Co Ltd, or TISCO, the parent co of the issuer, has provided guarantee for the offering.   

Early this year, Shanxi Taigang Stainless Steel received approval from the China Securities Regulatory Commission to issue up to RMB 5 billion of corporate bonds.

TISCO saw it net profit reach RMB 987 million with operating revenue of RMB 56.81 billion in the first half of 2011, sources reported.

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