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Angang Steel to issue RMB 3 bln bills

Aug. 24, 2012 (China Knowledge) - Angang Steel Co Ltd<000898><0347>, a leading Chinese steel producer, has said it will issue RMB 3 billion in unsecured short-term bills with a maturity of 365 days in the interbank market on Aug 29.

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

Both value and payment due date is set on Aug 30, and the to-be-issued bills tradable Aug 31.

RMB 600 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 2.4 billion to repay bank loans, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.

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

This will be the issuer's second short-term bills this year.

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