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Zhaojin Mining to issue up to 1.5B yuan in debt

Zhaojin Mining Industry Co. Ltd. said Sept. 17 that it will issue up to 1.5 billion Chinese yuan in debt Sept. 19.

It will use proceeds for general working capital and to repay loans.

The interest rate of the notes will be fixed at between 3% and 4.5% and will mature in three years.

China Chengxin Securities Rating Co. Ltd. affirmed an AAA rating for the bonds.

China Securities Co. Ltd. serves as the lead underwriter for the issuance.

As of Sept. 16, US$1 was equivalent to 7.07 Chinese yuan.