Jul. 13, 2012 (China Knowledge) - China State Shipbuilding Corp (CSSC), the largest shipbuilder in the country and also the parent company of Shanghai-listed China State Shipbuilding Co Ltd<600150>, has announced that it plans to issue RMB 6 billion worth of unsecured medium-term notes with a maturity of seven years on the interbank market on Jul. 17

The company said in a statement that the notes will be issued at face value and coupon rate will be determined during the process of book-building.
   
Both value date and payment due date is Jul. 18 and the to-be-issued notes tradable on Jul. 19.

China Lianhe Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.
 
China Everbright Bank Co Ltd<601818> and CITIC Securities Co<600030><6030> have been hired as joint lead underwriters for the deal.

The group plans to use RMB 2.1 billion of the proceeds to repay bank loans, RMB 2 billion to replenish its working capital and RMB 1.9 billion to fund project construction.

This will be the second medium-term notes issued by the company this year.