Valin Steel to issue RMB 1.5 bln in short-term financing bills
Published: 22 Sep 2009 16:20:18 PSTSep. 23, 2009 (China Knowledge) - Chinese steelmaker Hunan Valin Steel Co Ltd<000932> on Tuesday announced that it will issue short-term financing bills worth up to RMB 1.5 billion to institutional investors on the interbank market on Sep. 25. The company said in a statement filed with the Shenzhen Stock Exchange that the bills will have a maturity of 365 days and the yield will be determined during the process of bookbuilding. The financing bills will be issued at face value and will become tradable on Sep. 28. The proceeds from the issuance will be mainly used to replenish the working capital of Valin Steel's subsidiaries and repay bank loans. Dagong Global Credit Rating Co has rated the issuer and the bills AA and A-1, respectively. Bank of China<601988><3988> has been hired as the major underwriter for the sale.
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