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Benxi Iron & Steel to issue RMB 3 bln notes

Jun. 15, 2012 (China Knowledge) – Benxi Iron & Steel Group Co Ltd, an integrated iron and steel enterprise in China, today announced that it plans to issue RMB 3 billion worth of medium-term notes with a maturity of five years in the interbank market on Jun 25.

According to a statement, the company said that 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 Jun 26 and the to-be-issued notes are tradable on Jun 27.

RMB 600 million of the proceeds will be used to replenish working capital while the remaining RMB 2.4 billion will be used to repay bank loans, said the issuer.

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

Bank of China <601988><3988> has been assigned as lead underwriter and bookrunner. Agricultural Bank of China Ltd or ABC<601288><1288> will be the joint lead underwriter for the offering.







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