Shanxi Coking Coal to issue 1.3 bln notes
[2008-12-23 17:04:27]
Shanxi Coking Coal Group Co Ltd, parent of the country's largest publicly traded coke producer Shanxi Coking Co Ltd, announced on Monday the company will set to float 1.3 billion yuan five-year notes on the interbank market from 15th Dec, according to China knowledge.
The company said in a statement that this batch of notes will be issued at the face value and the coupon rate will be determined during the process of book building.
The bonds will become tradable on Dec.18 and 1.2 billion yuan of the proceeds from the issuance will be used to fund the its strategic investment project, in the target to supplement working capital, optimize financing structure and reduce financing costs, said the authority of the company.
China Chengxin International Credit Rating Co has rated the issuer and the notes AAA and AAA respectively.
Shanghai Pudong Development Bank Co has been assigned as major underwriter for the sales.
