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Zijin Mining outlines US$500M debt offering

Zijin Mining Group Co. Ltd. on Oct. 8 said it intends to issue up to US$500 million of bonds to refinance debt and fund its international business.

Zijin Mining said the bonds, with a maturity of up to five years, may be issued through several phases.

S&P Global Ratings had assigned a BBB- long-term issue rating for the proposed issuance of senior unsecured notes.

"Zijin Mining's ratio of priority debt to total debt is below our 50% notching threshold for structural subordination risk," S&P said in an Oct. 5 note.

It also said the securities do not have applicable financial covenants and may be redeemed early under a number of circumstances, including but not limited to change of control.

Bank of China and Standard Chartered Bank are joint global coordinators for the proposed issuance.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.