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Xinyu Iron & Steel to Issue RMB 900 Mln in Bonds
Dec 20,2011 10:56CST
industry news
Source:SMM
Xinyu Iron & Steel Co said today that it will issue RMB 900 million worth of secured fixed-rate corporate bonds from December 21 to December 23.

Dec. 19, 2011 (China Knowledge) - Xinyu Iron & Steel Co, a steel product maker based in Xinyu of Jiangxi Province, said today that it will issue RMB 900 million worth of secured fixed-rate corporate bonds from December 21 to December 23.

The company said in a statement that the bonds will have a maturity of five years, and coupon rate will be set between 6.20% and 6.70%.

The bonds will be issued at face value.

Dagong Global Credit Rating Co Ltd has rated the issuer and bonds AA and AA+, respectively.

The company plans to use proceeds from the deal to repay bank loans and replenish its working capital.

Guotai Junan Securities Co has been hired as lead underwriter and sponsor for the offering.

 

Xinyu Iron & Steel
steel mill

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