Dec. 18, 2012 (China Knowledge) - Aluminum Corporation of China Ltd (Chalco)<601600><2600>, the country's largest aluminum producer, has said it plans to issue RMB 2 billion in super short-term bills with a maturity of 180 days in the interbank market on Dec 19.
The company said in a statement 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 20, and the to-be-issued bills tradable Dec 21.
RMB 900 million of the proceeds from the issue will be used to replenish the working capital, while the remaining RMB 1.1 billion to repay bank loans, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer AAA.
China Construction Bank<601939><0939> has been hired as lead underwriter and bookrunner. Bank of Communications<601328><3328> will be the joint lead underwriter for the offering.
This will be the issuer's seventh super short-term bills this year.