Nov. 16, 2012 (China Knowledge) - Chinese copper smelter Tongling Nonferrous Metals Group Co Ltd<000630
> has announced it plans to issue RMB 2 billion in medium-term notes with a maturity of five years in the interbank market on Nov 21.
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 Nov 23, and the to-be-issued notes tradable Nov 26.
RMB 1.4 billion of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 600 million to replenish working capital, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.
Agricultural Bank of China Ltd<601288><1288> has been assigned as the lead underwriter and bookrunner for the offering.