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Jiaozuo Wanfang Aluminum to issue financing bills
- China Aluminium Network
- Post Time: 2009/7/23
- Click Amount: 416
Shenzhen-listed Jiaozuo Wanfang Aluminum Manufacturing Co Ltd said its board of directors recently approved a proposal to issue financing bills, sources reported.
Jiaozuo Wanfang Aluminum hopes to raise up to RMB 700 million through the issuance. The bills will have a maturity of 365 days.
The firm expects to set the coupon rate between 2.8% and 3.2%, while the yield will be determined in the process of book building, considering the rating of the issuer and the bills.
The proceeds from the issuance will be mainly used to replenish the company's working capital and repay bank loans, according to the firm's filing with the Shenzhen Stock Exchange.
Guangdong Development Bank has been hired as the major underwriter for the sale.
The issuance plan is still subject to the approval from the company's shareholders and the China Securities Regulatory Commission.
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