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Shenzhen Chiwan Petroleum to issue RMB 400 mln in notes

Oct. 13, 2011 (China Knowledge) - Shenzhen Chiwan Petroleum Supply Base Co Ltd<000053><200053> has said it will issue RMB 400 million worth of notes with a maturity of five years on the interbank market on Oct. 18.

Coupon rate will be determined in the process of book building. Both value date and payment due date is Oct. 20, and the to-be-issued bills tradable on Oct. 21.

Proceeds from the issue will be used to replenish working capital, optimize debt structure and develop logistics bases, said the Shenzhen-listed issuer.

China Nanshan Development (Group) Incorporation will provide unconditional and irrevocable guarantee to the notes.

China Merchants Bank<600036><3968> is assigned as the lead underwriter.

China Cheng Xin International Credit Rating Co Ltd has rated the issuer and notes AA- and AA+, respectively.

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