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Chalco to issue RMB 5 bln bills

Feb. 21, 2012 (China Knowledge) - Aluminum Corp of China Ltd (Chalco)<601600><2600>, the country's largest aluminum producer, has announced plans to issue RMB 5 billion worth of 366-day unsecured bills on the interbank market on Feb. 24.

Coupon rate will be determined in the process of book-building. Both value date and payment due date is Feb. 27, and the to-be-issued bills tradable on Feb. 28.

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 bills AAA and A-1, respectively.

China Merchants Bank<600036><3968> and Bank of Beijing Co Ltd<601169> have been assigned as the joint lead underwriters.

This will be the issuer's first short-term bill this year.

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