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Shanghai Meishan Iron & Steel to issue bills and MTN

Apr. 26, 2012 (China Knowledge) - Shanghai Meishan Iron & Steel Co, a unit of Baoshan Iron and Steel<600019>, also known as Baosteel, has announced plans to issue RMB 500 million worth of 365-day unsecured bills and RMB 500 million MTN with a maturity of three years on the interbank market on May 3.

Coupon rate will be determined in the process of bookbuilding. Both value date and payment due date is set on May 4, and the to-be-issued bills and notes tradable on May 7.

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, bills and notes AA+, A-1 and AA+, respectively.

Industrial and Commercial Bank of China<601398><1398> has been assigned as the lead underwriter and bookrunner.

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

As of to date, the issuer has no bonds, sources reported.

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