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China Nonferrous Metal Mining to issue RMB 1.4 bln in bills

Mar. 12, 2012 (China Knowledge) - China Nonferrous Metal Mining (Group) Co Ltd (CNMC), a large-sized state-owned enterprise under the State-owned Assets Supervision and Administration Commission, has announced it plans to issue RMB 1.4 billion worth of 365-day unsecured bills on the interbank market on Mar. 15.

Coupon rate will be determined in the process of book-building. Both value date and payment due date is Mar. 16, and the to-be-issued bills tradable on Mar. 19.

Proceeds from the issue will be used to repay bank loans, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.

The Export-Import Bank of China has been assigned as the lead underwriter and bookrunner.

This will be the issuer's first short-term bill this year. As of to date, the issuer has RMB 6 billion of debt.

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