Chinalco will issue the first phase of the 2010 medium-term notes on July 15. The current issue of the total amount of notes is 1 billion yuan, with a term of 5 years, and is issued to institutional investors in the national inter-bank bond market. Industrial and Commercial Bank of China and China Merchants Bank are the joint lead underwriters for this issue.
The announcement pointed out that about 50% of the funds raised in the current medium-term notes will be used to supplement the medium and long-term working capital needs of the company's headquarters in the future development process to ensure the smooth operation of the business operations; another 50% will be used to repay the issuer. The bank's loan principal is replaced by a bank loan with a higher cost.
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