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GRINM to issue RMB 800 mln MTN

May. 23, 2012 (China Knowledge) - General Research Institute for Nonferrous Metals (GRINM) has announced that it plans to issue RMB 800 million worth of unsecured medium-term notes with a maturity of three years on the interbank market on May. 30.

The company 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 31, and the to-be-issued notes tradable on Jun. 1.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and notes AA and AA, respectively.

Bank of Beijing Co Ltd <601169> has been hired as book-runner and lead underwriter for the offering, and China Minsheng Banking Corp Ltd<600016><1988> will be joint lead underwriter.

The institute plans to use RMB 500 million of the proceeds to replenish its working capital and the remaining RMB 300 million to repay bank loans.

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