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Jiangxi Copper to issue RMB 1 bln notes

Feb. 15, 2012 (China Knowledge) - Jiangxi Copper Corp, the parent co of Jiangxi Copper Co Ltd<600362><0358>, the largest copper producer in China in terms of output, has announced plans to issue RMB 1 billion worth of unsecured notes with a maturity of five years on the interbank market on Feb. 17, sources reported.

Coupon rate will be determined in the process of book-building, and the issuer has rights to redeem these bonds at the third year. Both value date and payment due date is Feb. 20, and the to-be-issued notes tradable on Feb. 21.

Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.

China International Capital Corp, the largest investment bank in the country, and China Merchants Bank<600036><3968> have been assigned as the joint lead underwriters.  

This will be the issuer's first medium-term note this year. As of to date, the issuer has RMB 8.8 billion in bonds.

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