Nov. 21, 2011 (China Knowledge) - Shandong Iron and Steel Group Co Ltd, one of China's major steel makers has said it will issue RMB 3 billion worth of 366-day unsecured bills on the interbank market on Nov. 24.
Coupon rate will be determined in the process of book-building. Both value date and payment due date is Nov. 25, and the to-be-issued bills tradable on Nov. 28.
Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
China Minsheng Banking Corp Ltd and China Everbright Bank Co Ltd have been assigned as the joint lead underwriters.
This will be the issuer's second short-term bill this year.