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Jiangyin Xingcheng Special Steel to issue RMB 200 mln MTN

Nov. 20, 2012 (China Knowledge) - Jiangyin Xingcheng Special Steel Works Co Ltd, a special steel maker based in Jiangyin, Jiangsu Province, has announced it plans to issue RMB 200 million in medium-term notes with a maturity of five years in the interbank market on Nov 27.

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 28, and the to-be-issued notes tradable Nov 29.

All the proceeds from the issue will be used to repay bank loans, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and notes AA and AA, respectively.

Bank of China <601988><3988> has been assigned as the lead underwriter and book-runner. Agricultural Bank of China Ltd<601288><1288> will be joint lead underwriter for the offering.

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