Jiangxi Rare Earth to issue CNY 500 mln in notes
China Knowledge reported that Jiangxi Rare Earth and Rare Metals Tungsten Group Corp, one of the largest mining enterprises in China plans to issue CNY 500 million in mid term unsecured notes with a maturity of three years on the inter-bank market on January14.
The state-owned firm said in a statement that this batch of notes will be issued at face value and the coupon rate will be determined during the process of book building.
According to the firm the notes will become tradable on January18. Proceeds will be used to replenish the company working capital and replace bank loans.
China Lianhe Credit Rating Co Ltd has rated the notes and the issuers as AA- and AA- respectively. Industrial Bank Co Ltd has been hired to handle the sale.
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