China State Shipping Corp to issue CNY 6 billion notes


13/06/2012 08:01 AST  China Knowledge

China Knowledge reported that China State Shipbuilding Corp, the largest shipbuilder in the country and also the parent company of Shanghai-listed China State Shipbuilding Co Ltd plan to issue CNY 6 billion worth of medium term notes with a maturity of ten years on the interbank market on June 19.

According to a statement, the company said that the notes will be issued at the face value and the coupon rate will be determined in the process of book-building. Both value date and payment due date is set on June 20 and the to-be-issued notes tradable June 21.

The issuer said CNY 4 billion of the proceeds will be used to repay bank loans and the remaining CNY 2 billion will be used to replenish working capital.

China Lianhe Credit Rating Co Ltd has rated the issuer and the bills AAA and AAA respectively.

China Everbright Bank Co Ltd and CITIC Securities Co will be the joint lead underwriter for the offering.

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