West China Cement unit preps RMB 800 million of notes for March 28

By Marisa Wong

Madison, Wis., March 21 - West China Cement Ltd. said its indirect wholly owned subsidiary Yaobai Special Cement Group Co., Ltd. has registered to issue RMB 1.6 billion of medium-term notes and expects to issue the first tranche, in the amount of RMB 800 million, on March 28.

The first-tranche notes will have a term of three years.

The interest rate will be determined through a book-building process.

Agricultural Bank of China Ltd. is the underwriter.

Proceeds will be used to expand production facilities, to repay bank loans and to supplement working capital.

The cement manufacturer and distributor is based in Xi'an, Shaanxi Province, China.

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