Jun. 7, 2012 (China Knowledge) - Wuhan
Iron and Steel (Group) Corp or WISCO, one of the leading iron and steel makers in China, announced today that it plans to issue RMB 2 billion worth of unsecured medium-term notes with a maturity of three years on the interbank market on Jun. 13.
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 Jun. 14 and the to-be-issued notes tradable on Jun. 15.
China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.
Industrial and Commercial Bank of China<601398
> has been hired as book-runner and lead underwriter for the offering, and Shanghai
Pudong Development Bank<600000
> will be joint lead underwriter.
Proceeds from the deal will be used to replenish the group's working capital.
The steel maker plans to issue RMB 5 billion of medium-term notes in the third quarter and 4 billion medium-term notes in the first quarter of 2013.