Laiwu Steel Group to issue RMB 3 bln short-term bonds

Published: 23 Dec 2008 01:38:10 PST

Dec. 23, 2008 (China Knowledge) - Laiwu Steel Group Co Ltd announced on Friday it will issue RMB 3 billion short-term bonds with a maturity of 365 days on the interbank market on Dec. 26, market sources reported.

The company said in a statement that this batch of bonds will be issued at the face value and the yield will be determined in the process of book building.

Both value date and payment due date will start from Dec. 29, and the proceeds from the issuance will be used to replenish working capital, according to the company.

China Cheng Xin International Credit Rating Co Ltd has rated the issuer and the bonds A-1 and AA respectively.

Shanghai Pudong Development Bank<600000> and China Everbright Bank have been assigned as major underwriters for the issuance.

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