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Shanxi Coal Transportation to issue RMB 2.5 bln bonds

Jan. 18, 2012 (China Knowledge) - Shanxi Coal Transportation and Sales Group Co, a large scale modernized coal logistics group based in Shanxi Province, today began issuing RMB 2.5 billion worth of unsecured corporate bonds with a maturity of ten years on the interbank market from January 18 to January 20, sources reported.

Coupon rate for the first seven years will be 5.94%, and the issuer has rights to redeem these bonds.

China Lianhe Credit Rating Co Ltd has rated the issuer and bonds AAA and AAA, respectively. Haitong Securities Co Ltd<600837>, China's second largest publicly traded brokerage firm, has been assigned as the lead underwriter, while Galaxy Securities will be the joint lead underwriter.

Hong Yuan Securities Co Ltd<000562>, Cinda Securities and HengTai Securities will be the distributors in the offering.

RMB 1 billion of the proceeds from the issuance will be used to fund a coal project in Shanxi Province, RMB 500 million to develop another coal project in the same province, RMB 500 million to repay bank loans and RMB 500 million to replenish working capital.

The company, which reaped RMB 158 billion in operating revenue last year, produced 41 million tons of coal in 2011, and the firm's sales volume of coal and coke reached 250 million tons and 8.9 million tons, respectively.

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