Mar. 20, 2012 (China Knowledge) - China Shipping (Group) Co, the parent company of China Shipping Container Lines Co Ltd<601866
> and China Shipping Development Co Ltd<600026
>, said that it will issue RMB 2 billion worth of unsecured medium-term notes with a maturity of seven years on Mar. 23.
The company said in a statement that the notes will be issued at face value, and the coupon rate be determined during the process of book-building.
Both value date and payment due date is Mar. 26, and the to-be-issued notes tradable on Mar. 27.
China Lianhe Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.
Bank of China Ltd<601988
> has been hired as bookrunner and lead underwriter for the offering.
Proceeds from the deal will be used to replenish its working capital.