On January 7, Liaoning Province-based Chinese steelmaker Dongbei Special Steel Group Co. announced that it plans to issue five-year medium-term notes on January 14 worth a total of RMB 1.4 billion ($222.9 million).
According to the announcement, Bank of China will be the underwriter for this issue of medium-term notes. Of the RMB 1.4 billion, RMB 1 billion ($159 million) will be used to replace bank loans at high interest rates, while RMB 0.4 billion ($63.9 million) will be used to replenish the steelmaker's operating funds.