Benxi Steel to issue CNY 2 billion 5 year MTN on February 10th

Monday, 07 Feb 2011
It is reported that Benxi Steel Group Corporation will release CNY 2.4 billion 5 year medium-term note without insurance on February 10th.
The interest rate will be confirmed in accordance with the BookBuilding result and the value date and payment date are respectively on February 11th 2011 and February 11th 2016.
The announcement stated that 80% of the raised fund will be used to pay the bank loan by headquarters of the company and its non-listed subsidiary companies, and the other 20% will be used for the company’s raw materials purchase and other operating capital.
Bank of China acted as the leading underwriter and China Construction Bank was the co-leading underwriter for the issue of the medium term note. CCXI rated the note creditability grade as well as the company long term creditability grade all as AA+.
(sourced:mysteel, for real time access to China steel news)