China Knowledge reported that Metallurgical Corp of China Ltd the country leading mining and smelting operator will issue CNY 3 billion in unsecured super short term bills with a maturity of 270 days on the interbank market on August 16.

The company said in a statement that the bills will be issued at face value and the coupon rate determined in the process of book-building. Both value and payment due date is set on August 17 and the to-be-issued bills are tradable Aug 20.

All the proceeds from the issue will be used to repay bank loans, said the issuer. China Chengxin International Credit Rating Co Ltd has rated the issuer AAA.

Industrial and Commercial Bank of China has been assigned as the lead underwriter and bookrunner. China Construction Bank Co will be the joint lead underwriter for the offering.

This will be the issuer's second super short-term bills this year.

Source - China Knowledge

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