Jun. 18, 2012 (China Knowledge) – Xining Special Steel Co Ltd<600117
>, a major iron and steel producer located in Qinghai
Province, announced last Friday that it plans to issue RMB 300 million worth of short-term bills with a maturity of 365 days on the interbank market on Jun 25.
According to a statement, the company said 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 26, and the to-be-issued bills tradable Jun 27.
RMB 120 million of the proceeds will be used to repay bank loans while the remaining RMB 180 million will be used to replenish working capital, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and the bills AA and A-1, respectively.
China Development Bank or CDB has been assigned as the lead underwriter and bookrunner for the offering.
This will be the company's first short-term bills this year.