Hubei Province-based Chinese steelmaker Wuhan Iron and Steel (Group) Corp. has announced that it plans to issue short-term bonds worth RMB 6.3 billion ($1.14 billion), in a second phase of short-term bond issuance for the current year. The issuance period will be 365 days.
China Chengxin International Credit Ranking Co. has rated WISCO's credit ranking as ‘AAA' and the short-term bonds in question as ‘A-1'.
Of the raised funds, RMB 1.3 billion ($209 million) will be used mainly to supplement needs of working capital and daily expenditure, while the remaining RMB 5 billion ($805 million) will be used to repay debts.