China Knowledge reported that Xining Special Steel Co Limited will issue CNY 500 million in 365 day short term bills on the inter bank market on January 20th 2010.

The company said in a statement that this batch of bills 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 optimize debt structure and replenish working capital.

China Lianhe Credit Rating Co Limited has rated the bills and the issuer A-1 and AA-, respectively and China Minsheng Banking Corporation has been assigned as the main underwriter for the sale.

(Sourced from www.chinaknowledge.com)