China Knowledge reported that Jiuquan Iron and Steel Co Ltd will issue CNY 2.4 billion in notes with a maturity of three years on the inter bank market on March 23.

The firm said in a statement that this batch of notes will be issued at face value and the coupon rate will be determined during the process of book building. Proceeds of the issue will be mainly used to replenish the company's working capital and repay bank loans.

China Lianhe Credit Rating Co Ltd has rated the notes and issuer as AA and AA, respectively. Industrial Bank Co has been hired to handle the sale.

(Sourced from China Knowledge)