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Ansteel Group to issue RMB 2 bln bills

Oct. 31, 2012 (China Knowledge) - Anshan Iron and Steel Group Corporation, or Ansteel Group, parent of Angang Steel Co Ltd<000898><0347>, has announced it plans to issue RMB 2 billion in super short-term bills with a maturity of 270 days in the interbank market on Nov 1.

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 Nov 2, and the to-be-issued bills tradable Nov 5.

RMB 1.6 billion of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 400 million to replenish working capital, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer AAA.

Industrial and Commercial Bank of China<601398><1398> has been hired as lead underwriter and bookrunner. China Everbright Bank Co Ltd<601818> will be the joint lead underwriter for the offering.

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







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