Sep. 24, 2012 (China Knowledge) - Metallurgical Corp of China Ltd<601618
>, the country's leading mining and smelting operator, has announced that it plans to issue RMB 3 billion in short-term bills with a maturity of 365 days in the interbank market on Sep 27.
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 Sep 28, and the to-be-issued bills tradable Sep 29.
All the proceeds from the issue will be used 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.
Industrial and Commercial Bank of China<601398
>, has been hired as lead underwriter and bookrunner. China Development Bank will be the joint lead underwriter for the offering.
This will be the issuer's second short-term bills this year.