Delong Holdings hired Credit Suisse Group AG to help it organize meetings with investors ahead of an international sale of guaranteed senior notes.

Money raised will be used to redeem 5% convertible bonds due 2012, to repay bank loans and for acquisitions relating to iron ore and other raw materials used by the steel industry, the company said in a statement to Singapore’s stock exchange today.

Delong, a Singapore-based steel trader, has only sold yuan- denominated bonds in the past, according to data compiled by Bloomberg. It has notes equivalent to $81.6 million maturing by the end of 2012, the data show.

 

The new dollar-denominated notes were assigned a provisional rating of B3, the sixth-highest non-investment grade, by Moody’s Investors Service, according to a statement from the risk assessor.

 

“Near-term demand for Delong’s products is supported by real estate-related construction activities in China,” said Ken Chan, a Moody’s vice president.