Nov. 23, 2012 (China Knowledge) - Jiangsu Shagang Group Co, China's largest privately-owned steelmaker, has said today that it will issue RMB 2.3 billion in unsecured bills with a maturity of 365 days on the interbank market on Nov. 28.
The company said 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 29, and the to-be-issued bills tradable Nov 30.
RMB 1.3 billion of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 1 billion to repay bank loans, said the issuer.
Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.
Industrial and Commercial Bank of China<601398
> has been assigned as book-runner and lead underwriter for the offering, and Shanghai Pudong Development Bank<600000
> will be joint lead underwriter.
This will be the second short-term bills issued by the company this year.