Taiyuan Iron & Steel (Group) Co Ltd, one of the biggest stainless steel producers in the China mainland, announced yesterday that it plans to issue RMB 3 billion in medium-term notes with a maturity of five years in the inter-bank market on Sep. 27, sources reported.
The company said in a statement that the coupon rate be fixed in the process of book building.
Both value and payment due dates will be set on Sep. 28, and the to-be-issued notes tradable on Sep. 29.
The company plans to use the proceeds from the offering to replenish its working capital and repay bank loans.
China Lianhe Credit Rating Co Ltd has rated both the issuer and notes with AAA.
Industrial and Commercial Bank of China and Bank of China are hired as joint underwriters for the deal.