Xiamen Tungsten to issue CNY 800 million in bills on February 15
China's largest producer and exporter of tungsten and molybdenum Xiamen Tungsten Co Ltd announced that it plans to issue CNY 800 million in short term bills with a maturity of 365 days on the inter bank market on February 15.
The firm in a statement said that this batch of bills will be issued at face value and the coupon rate will be determined during the process of book building. Both value date and payment due date will be February 17 and the proceeds from the issue will be used to replenish working capital and replace bank loans.
China Lianhe Credit Rating Co Ltd has rated the bills and the issuer as A-1 and AA, respectively.
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