China Knowledge reported that Shaanxi Nonferrous Metals Holding Group Corporation announced that it will issue CNY 800 million in 5 year mid term bonds on the interbank market on February 24th 2011.

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

China Cheng Xin International Credit Rating Company Limited has rated the bills and the issuer both AAA. Industrial Bank Company has been assigned as the main underwriter for the sale.

As of September 30th 2010, the issuer's consolidated assets totaled CNY 66.47 billion. In the first 9 months of last year it realized CNY 32.68 billion in revenue while it reaped CNY 179 million in net profit.

(Sourced from China Knowledge)