Jiangyin, Jiangsu Province-based Chinese steel producer Xingcheng Special Steel Works Co. has announced that it plans to issue three-year bonds worth RMB 500 million ($81 million) on June 13, in its first bond issue in the current year.
According to the announcement, Bank of China will be the main consignee. China Lianhe Credit Rating Co. has ranked Xingcheng Special Steel's long-term credit rating as ‘AA' and the medium-term bonds in question as ‘AA' with a stable outlook.
RMB 200 million ($32 million) will be used to repay debts, while RMB 300 million ($49 million) will be used to supplement the working capital of the company.