Mar. 7, 2012 (China Knowledge) - Baosteel Metal Co Ltd, controlled by Baosteel Group, also the parent co of China's largest steel maker, Baoshan
Iron and Steel Co<600019
>, intends to issue RMB 700 million worth of 365-day unsecured bills on the interbank market on Mar. 9.
Coupon rate will be determined in the process of book-building. Both value date and payment due date is set on Mar. 12, and the to-be-issued bills tradable Mar. 13.
Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and unsecured bills AA+ and A-1, respectively.
China Merchants Bank<600036
> has been assigned as the lead underwriter and bookrunner.
This will be the issuer's first short-term bill this year.