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Metallurgical talks RMB 500 million bonds at 4.3%-5.3%, 4½%-5½%
By Marisa Wong
Morgantown, W.Va., Feb. 23 – Metallurgical Corp. of China Ltd. said it will publicly issue renewable corporate bonds with a base offering size of RMB 500 million and an up to RMB 3.5 billion over-allotment option.
The bonds will consist of two types. The base offering size of the type 1 bonds is RMB 300 million, and the base size of the type 2 bonds is RMB 200 million. The amounts may be reallocated between the two types.
The type 1 bonds have an initial maturity of three years, subject to a three-year extension option. The type 2 bonds have an initial maturity of five years, subject to a five-year extension option. Each bond is callable at the end of its initial term.
Both types of bonds will be sold at par.
The coupon for the type 1 bonds is expected to be 4.3% to 5.3%, and the coupon for the type 2 bonds is expected to be 4½% to 5½%. The coupon rates will be reset after the initial term. The exact coupons will be determined through a bookbuilding on Feb. 27.
China Merchants Securities Co., Ltd., BOC International (China) Ltd., Citic Securities Co., Ltd., Haitong Securities Co., Ltd. and GF Securities Co., Ltd. are the lead underwriters.
The bonds are will be issued on Feb. 28.
Proceeds will be used to repay bank borrowings and to replenish working capital.
In December the company announced plans to issue up to RMB 8 billion of renewable corporate bonds and up to RMB 2 billion of ordinary corporate bonds.
The Beijing-based company operates in engineering, procurement and construction for metallurgical facilities, natural resources exploration, equipment fabrication and property development.
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