China Knowledge reported that Magang Holding Co, the parent company of Maanshan Iron & Steel Co Ltd plans to issue CNY 1 billion worth of unsecured medium term notes with a maturity of three years on the interbank market on August 24.
The company said in a statement that the notes will be issued at face value and coupon rate will be determined in the process of book building. Both value and payment due date is on August 27 and the to-be-issued notes tradable August 28.
China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+ respectively.
China Construction Bank Co has been hired as lead underwriter for the deal and Agricultural Bank of China Ltd or ABC will be joint lead underwriter.
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