Nov. 20, 2012 (China Knowledge) - Aluminum Corporation of China Ltd (Chalco)<601600
>, the country's largest aluminum producer, has said it plans to issue RMB 1.5 billion in super short-term bills with a maturity of 180 days in the interbank market on Nov 21.
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 22, and the to-be-issued bills tradable Nov 23.
RMB 1 billion of the proceeds from the issue will be used to replenish the working capital, while the remaining RMB 500 million to repay bank loans, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer AAA.
Bank of China<601988
> has been hired as lead underwriter and bookrunner. Industrial Bank Co Ltd<601166
> will be the joint lead underwriter for the offering.
This will be the issuer's sixth super short-term bills this year.