China Molybdenum to proceed with RMB 2 billion medium-term notes offer

By Marisa Wong

Madison, Wis., July 25 - China Molybdenum Co., Ltd. said it will publish offering documents for its proposed RMB 2 billion issue of medium-term notes on July 26.

The notes will be marketed through a bookbuilding process and will mature five years from Aug. 3.

As previously reported, the company announced on June 28 that it planned to issue the medium-term notes on July 5. On July 3 the company said it decided to postpone the deal due to market volatility.

The company initially announced plans to issue up to RMB 4 billion of debt financing instruments in August 2010. The proposed issuance was then approved by shareholders at a meeting in October 2010. Recently, the company registered to issue RMB 2 billion of five-year notes with China's National Association of Financial Market Institutional Investors.

Proceeds from the offering will be used to replenish working capital and to repay outstanding bank loans.

China Molybdenum is a Luoyang, China, molybdenum and tungsten producer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.