China Minmetals to issue RMB 3 bln in financing bills

Oct. 9, 2009 (China Knowledge) - China Minmetals Corp, the country's largest state-owned metal and mineral producer and trader, announced that it will issue one year financing bills on the interbank market on Oct. 15, sources reported.

The company hopes to raise up to RMB 3 billion through the issuance.

The bills will become tradable on Oct. 20, and both the value date and the payment due date will be Oct. 19, according to the company's statement.

The financing bills will be issued at face value and the yield will be determined in the process of book building.

The proceeds from the issuance will be mainly used to replenish the firm's working capital and repay bank loans.

Cheng Xin International Credit Rating Co Ltd has rated the issuer and the bills AAA and A-1, respectively.

Bank of China<601988><3988> and Agricultural Bank of China have been hired as the major underwriters for the sale.

China Minmetals issued RMB 3.5 billion worth of five-year notes on Sep. 27 in order to raise funds to replenish the firm's working capital and repay bank loans.