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Chinalco Offers RMB10 bln in Corp Bonds to Finance Merger of Copper Firms

2024 SMM (19th) Aluminium Conference & the First Aluminium Industry Expo

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[Minor metal] Silicon Prices Fall Slightly in Domestic Market

BEIJING, May 21 -- Aluminum Corporation of China (Chinalco), one of the largest aluminum and alumina producers worldwide, posted Wednesday that it would sell 10 billion yuan in bonds on the local interbank bond market May 20-26.
&nbsp;&nbsp;&nbsp; According to its notice on ChinaBond.com.cn, proceeds of the bond sale will go to fund its announced merger with Peru Copper Inc. and other local copper firms.
&nbsp;&nbsp;&nbsp; Specifically, 35 percent of the 10 billion in proceeds will go to financing the merger with Peru Copper Inc. and 55 percent to the Chinalco Yunnan Copper Co., Ltd. deal. Peru Copper Inc. is a Canadian aluminum producer whose Toromocho copper mine boasts 2.1 billion tons in copper reserves and an annual production capacity equal one third of China's total copper output.
&nbsp;&nbsp;&nbsp; The remaining 10 percent of raised capital will be invested in high-precision copper plate projects of its holding companies Luoyang Copper Co., Ltd., Shanghai Copper Co., Ltd and Daye Copper Co., Ltd to fuel its vigorous ambition to climb to the top of world copper production.
&nbsp;&nbsp;&nbsp; Chinalco's offer is divided into two varieties; eight billion 5-year and two billion 7-year corporate bonds with their respective annual coupons set at 3.80 percent and 4.40 percent.
&nbsp;&nbsp;&nbsp; China International Capital Corporation, China Development Bank and Pingan Securities are acting as the lead underwriters of the issue.
&nbsp;&nbsp;&nbsp; Both bond issues, as well as the issuer, have received AAA rating from China Cheng Xin International Credit Rating Co., Ltd.
&nbsp;&nbsp;&nbsp; The bonds carry no guarantee and within one month after their floatation, Chinalco will apply for a public listing.Chinalco is parent of Aluminum Corporation of China Limited. (Chalco).
&nbsp;&nbsp;&nbsp; (Source: chinamining.org)

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Chinalco Offers RMB10 bln in Corp Bonds to Finance Merger of Copper Firms | Shanghai Non ferrous Metals

Chinalco Offers RMB10 bln in Corp Bonds to Finance Merger of Copper Firms

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