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 1.8 billion in medium-term notes with a maturity of 365 days in the interbank market on Oct 25.
The company said in a statement that the notes 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 notes tradable Oct 29.
RMB 1.5 billion of the proceeds from the issue will be used to repay bank loans, while the remaining 300 million to replenish working capital, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.
Industrial Bank Co Ltd<601166
> has been hired as lead underwriter and bookrunner for the offering.