Yangquan Coal Industry (Group) Co Ltd, a large state-owned coal enterprise in China, said it plans to issue RMB 1 billion in bonds with maturity of five years on Mar. 23, sources reported.
The company said in a statement that the bonds will be issued with face value, and the coupon rate will be determined during the process of book building. Both value date and payment due date will be Mar. 24.
Proceeds from the issue will be mainly used to replenish the company's working capital and repay bank loans, according to the firm.
Dagong Global Credit Rating Co Ltd has rated the bonds and issuer AAA and AAA, respectively.
Industrial and Commercial Bank of China and Bank of China have been hired to handle the sale.
