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Chalco plans 2B yuan debt offering

Aluminum Corp. of China Ltd., or Chalco, will issue up to 2 billion yuan in bonds Sept. 4.

The company said Sept. 2 that there are two types of maturities for the notes, at 3 years and 5 years, respectively.

The interest rate of the bonds will be determined by market conditions, Chalco said, adding that it will use proceeds to repay bank loans.

Ping An Securities Group (Holdings) Ltd. serves as the lead underwriter for the issue.

As of Aug. 30, US$1 was equivalent to 7.15 yuan.