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Baosteel Engineering & Technology to issue RMB 1 bln MTN

Aug. 10, 2012 (China Knowledge) - Baosteel Engineering & Technology Group Co Ltd plans to issue RMB 1 billion worth of unsecured medium-term notes with a maturity of three years on the interbank market on Aug 16.

The company said in a statement that the notes will be issued at face value, and the coupon rate be determined in the process of book-building.

Both value and payment due date is set on Aug 17, and the to-be-issued notes tradable Aug 20.

RMB 700 million of the proceeds will be used to replenish working capital, while the remaining RMB 300 million to repay bank loans, said the issuer.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and the notes AA+ and AA+, respectively.

China Construction Bank (CCB)<601939><0939> has been assigned as the lead underwriter and bookrunner for the offering.

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