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Minmetals Development proposed to issue super short-term and medium-term bonds, totaling up to 4 billion yuan, according to a Shanghai bourse filing on Thursday.
The super short-term bonds and medium-term bonds will be worth up to 2 billion yuan each and can be issued in tranches within the two-year validity period after China's National Association of Financial Market Institutional Investors approves the issuance.
Each tranche of super short-term bonds will have a term not exceeding 270 days, while each of the medium-term bonds' terms will not go beyond five years.
The Chinese integrated steel trading and logistics services provider will use the proceeds from the issuances to supplement its working capital, pay debt, and fund construction projects.
The proposal already received approval from the board of directors, but it is still subject to shareholders' and regulators' approvals.
Minmetals Development said its 2023 perpetual corporate bonds will be redeemed on March 24, with bond delisting also scheduled on the same day.
Investors must hold bonds by March 21 to receive the final principal and 4.7% interest payout, according to a Thursday filing with the Shanghai bourse.
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