Oct. 18, 2012 (China Knowledge) - Shandong
Iron & Steel Group Co Ltd, one of China's major steel makers, has announced it plans to issue RMB 6 billion in short-term bills with a maturity of 365 days in the interbank market on Oct 25.
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 Oct 26, and the to-be-issued bills tradable Oct 29.
RMB 5 billion of the proceeds from the issue will be used to repay bank loans, while the remaining 1 billion to replenish working capital, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
Bank of China<601988
><3988> and China Minsheng Banking Corp Ltd<600016
> have been hired as joint lead underwriter for the offering.