Apr. 11, 2012 (China Knowledge) - Baosteel Group Xinjiang Bayi Iron & Steel Co Ltd has announced plans to issue RMB 1.75 billion worth of 365-day unsecured bills on the interbank market on Apr. 17, sources reported.

Coupon rate will be determined in the process of book-building. Both value date and payment due date is Apr. 18, and the to-be-issued bills tradable on Apr. 19.

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 AA and A-1, respectively.

Industrial and Commercial Bank of China<601398><1398> has been assigned as the lead underwriter and bookrunner.

This will be the issuer's first short-term bill this year.

As of to date, the issuer has RMB 1.2 billion in corporate bonds and RMB 1 billion in short-term bills.