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Hubei Xinyegang to issue RMB 500 mln notes

Jun. 13, 2012 (China Knowledge) – Hubei Xinyegang Steel Co Ltd, one of the largest special steel producers in China, announced that it plans to issue RMB 500 million worth of medium-term notes with a maturity of five years in the interbank market on Jun 20.

The notes 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 25 and the to-be-issued notes tradable on Jun 26.

All the proceeds from the issue will be used to replenish working capital, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer and the bills AA and AA, respectively.

China CITIC Bank Corp<601998><0998> has been assigned as lead underwriter and bookrunner. Industrial Bank Co Ltd<601166> will be the joint lead underwriter for the offering.

This will be the issuer's first medium-term notes this year.

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