Delong: thinly traded counter -4.5% at $0.535. Co says it will not proceed with the sale of proposed int’l bonds. This is the 2nd unsuccessful attempt to sell the bond, after postponing the planned issue in Nov, due to unfavorable market conditions.
Delong, rated B2 by Moodys and B by Fitch, aimed to price up to $250m of 5-yr bonds. The mkt was seeking a coupon of ~14%.
Net proceeds would have been used to repay US$60m of ST bank loans, and acquisitions of iron ore mines, as well as downstream businesses in the steel industry.
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