Panzhihua Iron & Steel to issue RMB 1 bln in financing bills
Published: 29 Oct 2009 01:24:34 PST
Oct. 29, 2009 (China Knowledge) - Panzhihua Iron & Steel (Group) Co, one of the largest steelmakers in western China, yesterday announced that it will issue 365-day financing bills on the interbank market on Nov. 2, sources reported. The company hopes to raise up to RMB 1 billion through the issuance. The financing bills will be issued at face value and the yield will be determined in the process of book building. The bills will become tradable on Nov. 5, and both the value date and the payment due date will be Nov. 4, according to the company's statement. The proceeds from the issuance will be mainly used to replenish working capital and repay bank loans. China Lianhe Credit Rating Co Ltd has rated the issuer and the bills AA and A-1, respectively. Bank of China<601988><3988> and China Merchants Bank<600036><3968> have been assigned as the major underwriters for the sale. Copyright © 2009 www.chinaknowledge.com |
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