China Molybdenum taps two banks for upcoming debt financing notes

By Marisa Wong

Madison, Wis., July 29 - China Molybdenum Co., Ltd. said it has registered to issue up to RMB 5 billion of debt financing notes.

China Citic Bank Corp. Ltd. and China Construction Bank Corp. will act as joint underwriters for the notes, according to a company announcement.

The registration of the debt financing notes is valid for two years, but the first tranche is to be completed within six months.

As announced in June, the first tranche is expected to consist of RMB 2 billion of three-year notes priced at par. The coupon will be determined through a bookbuilding process.

Proceeds will be used for construction projects and to replenish working capital, as noted before.

The Luoyang, China-based molybdenum and tungsten producer said it will make further announcements about the issuance of the notes.

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