Bonds News
- Tangshan Steel to issue convertible bonds
Date: 2-Aug-2007 Sources: (Shenzhen Daily)
TANGSHAN Steel Co., a unit of China's second-largest steelmaker by output, plans to offer up to 3 billion yuan (US$397 million) in five-year convertible bonds this year.
The proceeds will be used to repay bank borrowings for the construction of a 1.3 million-ton cold-rolled sheet mill and a 1 million-ton hot-rolled sheet mill, and upgrade coal gas systems, the Shenzhen-listed company said in a statement yesterday. Most of the projects have been completed or are about to be finished, the company said, adding that the convertible bond plan had yet to be approved by its shareholders.
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