China Molybdenum announces plans to sell up to RMB 5 billion notes

By Toni Weeks

San Luis Obispo, Calif., June 7 - The board of China Molybdenum Co., Ltd. has approved an application to the National Association of Financial Market Institutional Investors to register up to RMB 5 billion of notes, according to a notice with the Stock Exchange of Hong Kong Ltd.

The company plans to issue the notes in multiple tranches, with the first tranche to be issued following approval from NAFMII.

The first tranche will consist of RMB 2 billion of three-year notes, each with a nominal value of RMB 100 and a price of par. The coupon will be determined during the bookbuilding exercises.

China CITIC Bank Corp. Ltd. will be the bookrunner.

Proceeds will be used for construction projects and to replenish working capital.

The Luoyang, China, company is a molybdenum and tungsten producer.

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