China’s Chongqing Iron board OKs up to RMB 3 billion corporate bonds

By Sarah Lizee

Olympia, Wash., March 30 – Chongqing Iron & Steel Co. Ltd. said its board of directors approved an issue of up to RMB 3 billion of corporate bonds.

The bonds will be issued at par of RMB 100 and may be issued in one or more tranches. The size and terms of each tranche will be determined by the board at a general meeting of the company.

The term of the bonds will be no more than 10 years.

The bonds will carry a fixed interest rate with simple interest calculated annually and without compound interest.

Proceeds will be used for debt repayment, replenishment of liquidity or project construction.

The manufacturer and distributor of iron and steel products is based in Chongqing, China.

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