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Beijing-based Shougang (Capital Iron and Steel) Co Ltd, a Shenzhen-listed company, yesterday announced the issuing of 2 billion yuan (US$240 million) in convertible bonds.

Funds raised by the bonds will be used for the construction of a 1.5 million-ton cold-rolling thin-plate production line.

The face annual interest rate of the five-year bonds is 1.5 per cent. They can be transferred to shares six months after issuance, and the primary bond-to-equity price par share will be 5.76 yuan (69 US cents).

The bonds are jointly guaranteed by Shougang Corporation, parent company of the Shougang Co Ltd, and CITIC Industrial Bank, and have been rated as AAA level bonds by China Lianhe Credit Rating Co Ltd.

According to the company, total investment for the new production line amounts to 5.42 billion yuan (US$653 million).

In addition to the amount raised in the market, funding will come from bank loans and self-investment of the company.

The time frame for constructing the cold-rolling thin-plate production line is 30 months.

After the production line becomes operational, Shougang Co Ltd's annual volume of steel products will increase by up to 42 per cent and annual sales revenue and net profit will increase 6.18 billion yuan (US$744.5 million) and 628 million yuan (US$75.662 million) respectively.

"Issuance of the convertible bonds will strengthen the capital operation ability of Shougang Co Ltd, which will favour optimization of the equity structure and progress of modern enterprise reform,'' said Zhu Jimin, chairman of Shugang Corp.

According to Zhu, the new production line, based on high and updated technologies, will further improve Shougang's technological structure and help realize product upgrading.

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