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Baotou Steel Union to issue RMB 2 bln in MTN

May. 3, 2012 (China Knowledge) - Inner Mongolia Baotou Steel Union Co Ltd<600010>, a China-based company primarily engaged in the steel industry, has announced that it plans to issue RMB 2 billion worth of unsecured medium-term notes with a maturity of five years on the interbank market on May 10.

The group said in a statement that the notes will be issued at face value and coupon rate will be determined in the process of book-building.

Both value date and payment due date is May 11, and the to-be-issued notes are tradable on May 14.

China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.

The company plans to use RMB 800 million of the proceeds to repay bank loans and the remaining RMB 1.2 billion to replenish working capital.

CITIC Securities Co<600030><6030> has been hired as lead underwriter for the offering and China Everbright Bank Co Ltd<601818> will be joint lead underwriter.

As of to date, Inner Mongolia Baotou Steel Union has RMB 3 billion in medium-term notes.






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