Dec. 6, 2012 (China Knowledge) - Panzhihua Iron & Steel (Group) Co (Pangang Group), one of China's leading steel makers, has said it will issue RMB 3 billion in unsecured bills with a maturity of 365 days on the interbank market on Dec. 12.
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 Dec. 13, and the to-be-issued bills tradable Dec. 14.
RMB 1.5 billion of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 1.5 billion to repay bank loans, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.
Bank of China Ltd<601988
> has been assigned as lead underwriter and bookrunner. China Everbright Bank Co Ltd<601818> will be the joint lead underwriter for the offering.