Tuesday, 08 Mar 2011
China Knowledge reported that Inner Mongolia BaoTou Steel Union Co Ltd, a China based company primarily engaged in the steel industry plans to issue CNY 2 billion in bonds with a maturity of five years on the inter-bank market on March 8.
The firms said in a statement that this batch of bonds will be issued at face value and the coupon rate will be determined during the process of book building. Both value date and payment due date will be March 10.
Proceeds from the issue will be mainly used to repay bank loans and replenish working capital, according to the firm. China Lianhe Credit Rating Co Ltd has rated the issuer and the bonds both AA.
China Everbright Bank Co and Agricultural Bank of China Ltd or ABC have been hired to handle the sale. (sourced China Knowledge)
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