The largest producer of aluminum in China, Aluminum Corp. of China (NYSE:ACH), announced they're going to sell debt securites, with the board of the company already giving their approval.
They'll sell the debt securities on the interbank market in the country.
In a statement to the Shanghai stock exchange, Chalco stated the outstanding debt instruments, which includes 22 billion yuan ($3.32 billion) of short-term paper and medium-term bills already sold, won’t go beyond 47 billion yuan after the new sales are completed.
The company is raising capital to invest in overseas assets to ramp up production, including iron-ore and copper assets, which continue to be in strong demand.
Excess capacity in the aluminum industry has resulted in Standard & Poor’s given them a “negative outlook,” although they did affirm the BBB+ foreign currency long-term credit rating of Chalco in November.
Aluminum Corp. of China was trading at $22.75, up $0.34, or 1.52 percent, as of 2:11 PM EST.
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