China's Chongqing Iron & Steel aims to sell up to RMB 1 billion bonds

By Marisa Wong

Madison, Wis., April 19 - Chongqing Iron & Steel Co. Ltd. is proposing to issue up to RMB 1 billion of corporate bonds and will seek shareholders approval at an annual general meeting to be held June 6, according to a letter from the company's board of directors.

Chongqing plans to offer the bonds in China in one or multiple tranches.

The bonds will have a maturity of five years or less and may have single or multiple maturities.

Proceeds will be used to replenish the company's working capital, repay debt and adjust its debt structure.

If granted, approval of the bonds will be effective for two years.

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

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