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China Molybdenum to issue RMB 2 bln notes

Jul. 27, 2012 (China Knowledge) - China Molybdenum Co<3993>, the nation's biggest molybdenum producer, announced today that it plans to issue RMB 2 billion worth of unsecured medium-term notes with a maturity of five years on the interbank market on Aug. 2.

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 on Aug. 3 and the to-be-issued notes tradable on Aug. 6.

China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.
 
Bank of China Ltd<601988><3988> has been hired as book-runner and lead underwriter for the offering, and Industrial and Commercial Bank of China<601398><1398> will be joint lead underwriter.

Proceeds from the deal will be used to replenish the company's working capital and repay bank loans.

In the first quarter of this year, the company's net profit was RMB 281 million and its operating revenue was RMB 1.54 billion.







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