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Ansteel Group to issue RMB 5 bln notes

Jul. 31, 2012 (China Knowledge) - Anshan Iron and Steel Group Corp, or Ansteel Group, parent of Angang Steel Co Ltd<000898><0347>, has said that it plans to issue RMB 5 billion worth of unsecured medium-term notes with a maturity of three years on the interbank market on Aug. 7.

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. 8 and the to-be-issued notes tradable on Aug. 9.

China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.
Agricultural Bank of China Ltd or ABC<601288><1288> has been hired as book-runner and lead underwriter for the offering, and Industrial and Commercial Bank of China<601398><1398> will be co-lead underwriter.
Proceeds from the deal will be used to replenish the company's working capital, repay debt and fund project construction.

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