China Knowledge reported that Angang Steel Co Ltd a leading Chinese steel producer plans to issue CNY 3 billion worth of short term bills with a maturity of 365 days on the interbank market on June 19.

The steel producer said in a statement that the bills will be issued at the face value and the coupon rate will be determined in the process of book-building. Both value date and payment due date is set on June 20 and the to be issued bills tradable June 21.

The company said that CNY 1.98 billion of the proceeds will be used to repay bank loans and the remaining CNY 1.02 billion will be used to replenish working capital. China Chengxin International Credit Rating Co Ltd has rated the issuer and the bills AAA and A-1 respectively.

China Construction Bank Co has been assigned as the lead underwriter and bookrunner for the offering.

This will be the company first short-term bills this year.

Source - China Knowledge

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