Nov. 15, 2012 (China Knowledge) - Metallurgical Corp of China Ltd<601618
>, one of the world's largest engineering contractors, has announced it plans to issue RMB 4 billion in short-term bills with a maturity of 365 days in the interbank market on Nov 22.
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 23, and the to-be-issued bills tradable Nov 26.
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. The Export-Import Bank of China will be the joint lead underwriter for the offering.
This will be the issuer's third short-term bills this year.