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Hesteel to issue 1.5B yuan in bonds for loan payments

Hbis Co. Ltd., or Hesteel, will issue a bond offering of up to 1.5 billion Chinese yuan on Dec. 11 to repay its loans.

The interest rate of the notes will be fixed at between 3.4% and 4.9%, with maturity of the bonds set at five years.

China Chengxin Securities Ratings Co. Ltd. had affirmed an AAA rating for the issuance.

China Development Bank Securities Co., Ltd. will serve as the lead underwriter for the debt offering.

As of Dec. 6, US$1 was equivalent to 7.04 Chinese yuan.