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Xiamen Tungsten to issue RMB 500 mln MTN

Dec. 12, 2012 (China Knowledge) - Xiamen Tungsten Co Ltd<600549>, China's largest producer of tungsten, has said it plans to issue RMB 500 million in medium-term notes with a maturity of three years in the interbank market on Dec 19.

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 Dec 20, and the to-be-issued notes tradable Dec 21.

RMB 350 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 150 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 hired as lead underwriter and bookrunner for the offering.

This will be the issuer's first medium-term notes this year.

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