Anhui Province-based Chinese steelmaker Ma'anshan Iron and Steel (Masteel) has announced that plans to issue medium-term notes worth RMB 1 billion ($161 million) on May 10. The period of issuance of the medium-term notes is three years, with China Construction Bank as the main consignee.
China Chengxin International Credit Ranking Co. has ranked Masteel's long-term credit rating as ‘AA+' and the medium-term notes in question as ‘AA+'.
Accordingly, 20 percent of the raised funds will be used to supplement the company's working capital, 40 percent will be used to fund projects, while the remaining 40 percent will be used to repay certain debts.