Aug. 17, 2012 (China Knowledge) - Magang (Group) Holding Co, the parent company of Maanshan Iron & Steel Co Ltd<600808
>, has said today that it plans to issue RMB 1 billion worth of unsecured medium-term notes with a maturity of three years on the interbank market on Aug. 24.
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 and payment due date is on Aug. 27 and the to-be-issued notes tradable Aug. 28.
China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.
China Construction Bank Co<601939
> has been hired as lead underwriter for the deal, and Agricultural Bank of China Ltd or ABC<601288
> will be joint lead underwriter.
In the first quarter of this year, the company suffered a loss of RMB 195 million and its operating revenue was RMB 20.95 billion.