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Qinghai Qinghua Mining to issue RMB 500 mln bills

May. 30, 2012 (China Knowledge) - Qinghai Qinghua Mining Smelting and Coking Group Co Ltd has announced plans to issue RMB 500 million of 365-day unsecured bills on the interbank market on Jun. 1.

Coupon rate will be determined in the process of book-building. Both value date and payment due date is set on Jun. 4, and the to-be-issued bills tradable Jun. 5.

Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and bills AA- and A-1, respectively.

China Development Bank 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, along its subsidiaries, has no bonds.

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