China's Baosteel to issue up to 20 bln yuan bills

Published: 15 Feb 2009 19:14:19 PST

SHANGHAI, Feb 16 - Baoshan Iron & Steel Co <600019.SS>, China's largest listed steel maker, said it planned to issue as much as 20 billion yuan ($2.9 billion) of bills to fund operations, pay back bank loans and finance investment.

The firm will issue up to 10 billion yuan of short-term bills with maturities of up to one year, and up to 10 billion yuan of medium-term bills with tenors of up to seven years, at one time or in stages, the company said in a statement at the weekend.

It did not elaborate on the timing or pricing of the issues, which will require approval by a shareholders meeting scheduled for March 2. ($1 = 6.83 yuan)