Jiangsu Province-based Chinese steelmaker Shagang Group has announced that it plans to issue short-term bonds worth RMB 3 billion ($477 million). The period of issuance of the short-term bonds is one year, with China CITIC Bank as the main consignee.
Accordingly, RMB 1.5 billion ($238.5 million) of the raised funds will be used to supplement the group’s working capital, while the remaining RMB 1.5 billion will be used to repay certain debts and so reduce financial costs.
Source:
http://www.steelorbis.com/steel-news/latest-news/shagang-to-issue-short_term-bonds-worth-rmb-3-billion-742886.htm
