On May 14, Liaoning Province-based Chinese steelmaker Angang Steel Group Co. (Ansteel) announced that it will issue its first medium-term notes for the current year on May 21, valued at a total of RMB 4 billion ($651.5 million). The notes will mature within three years and China Development Bank will be the lead underwriter.
According to CCXI Global Credit Rating Co., Ansteel has a credit rating of ‘AAA’, while the rating for its planned medium-term note issue is also ‘AAA’.
50 percent of the capital raised from the issue of the notes will be used to supplement liquidity for production and operational activities, while the remainder will be used to repay loans due in 2013.