Top 5 News From ChinaKnowledge.comHTC's U.S. handset sales likely to rise 50% in 2009China, Arab nations to set up energy co-op mechanismHaier Group raises shareholding in Qingdao Haier to 44.58%China's industrial profits down 22.9% in Jan-MayHuawei wins LTE supply contract from Norway's TelenorJun. 29, 2009 (China Knowledge) - Shougang Group, a leading Chinese iron and steel producer, has announced that it will issue five-year notes worth RMB 6 billion on Jul. 6.
This batch of bonds will be issued on the interbank market at face value, and the yield will be determined during the process of book building, according to the company's statement.
The value date and payment due date will be Jul. 8. The notes will become tradable on Jul. 9.
The proceeds from the issuance will be used to replenish the company's working capital, repay bank loans and improve the firm's financing structure.
Dagong Global Credit Rating Co has rated the issuer and the notes AAA and AAA, respectively.
Agricultural Bank of China (ABC) and Hua Xia Bank Co Ltd<600015> have been hired as the joint underwriters for the sale.
