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WISCO to issue RMB 2 bln in bills

Mar. 28, 2012 (China Knowledge) - Wuhan Iron and Steel (Group) Corp or WISCO, one of the leading iron and steel makers in China, has announced that it plans to issue RMB 2 billion worth of 365-day unsecured bills on the interbank market on Apr. 1, the sources reported.

Coupon rate will be determined in the process of book-building and the bills will be issued at face value. Both value date and payment due date is on Apr. 5, and the to-be-issued bills tradable on Apr. 6.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.

China Development Bank has been hired as lead underwriter for the offering.

Proceeds from the deal will be used to replenish the group's working capital.

WISCO said earlier that it expected its net profit in 2011 to grow 17.4% from RMB 3.5 billion in 2010. The group's sales last year were estimated to rise 14.3% from RMB 210 billion in the previous year.

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