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Angang Steel to issue RMB 3 bln bills

Jun. 12, 2012 (China Knowledge) – Angang Steel Co Ltd<000898><0347>, a leading Chinese steel producer, plans to issue RMB 3 billion worth of short-term bills with a maturity of 365 days on the interbank market on Jun 19.

The steel producer said in a statement that the bills will be issued at the face value, and the coupon rate will be determined in the process of book-building.

Both value date and payment due date is set on Jun 20, and the to-be-issued bills tradable Jun 21.

The company said that RMB 1.98 billion of the proceeds will be used to repay bank loans and the remaining RMB 1.02 billion will be used to replenish working capital.

China Chengxin International Credit Rating Co Ltd has rated the issuer and the bills AAA and A-1, respectively.

China Construction Bank Co<601939><0939> has been assigned as the lead underwriter and bookrunner for the offering.

This will be the company's first short-term bills this year.

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