Dec. 14, 2012 (China Knowledge) - Kunming Iron & Steel Holdings Ltd has said it will issue RMB 1 billion in unsecured bills with a maturity of 365 days on the interbank market on Dec. 21.
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. 24, and the to-be-issued bills tradable Dec. 25.
RMB 800 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 200 million to repay bank loans, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.
Bank of China Ltd< 601988><3988> has been assigned as lead underwriter and bookrunner. Shanghai Pudong Development Bank<600000> will be the joint lead underwriter for the offering.
This will be the issuer's first short-term bills this year.