China Knowledge reported that Metallurgical Corp of China Ltd the country leading mining and smelting operator will issue CNY 10 billion in bills with a maturity of 366 days on the inter bank market on October 12.

The firm said in a statement that the bills to be issued at face value and the coupon rate to be determined during the process of book building. Both value date and payment due date is set at October 14 and the to be issued bills tradable on October 17.

Proceeds from the offering will be used to repay bank loans.

China Chengxin International Credit Rating Co Ltd has rated the bills and the issuer A-1 and AAA respectively. CITIC Securities Co has been hired as book runner and lead underwriter for the deal and China CITIC Bank Corp will be joint lead underwriters.

(Sourced from China Knowledge)