May. 17, 2012 (China Knowledge) - Jiangsu
Province Taicang Port Development and Construction Investment Co began issuing RMB 800 million bonds with a maturity of seven years on the interbank market yesterday till May 22.
Coupon rate of the fixed-rate bonds will be 7.66%, based on the Shanghai
Interbank Offered Rate (SHIBOR) plus basic spread of 257 basis points (bp). Both value date and payment due date was set yesterday.
Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.
Dagong Global Credit Rating Co Ltd has rated the issuer and secured bonds AA and AA, respectively.
Guotai Juan Securities has been assigned as the lead underwriter and bookrunner.
At the end of last year, the issuer had RMB 9.49 billion in total assets and RMB 5.31 in total liabilities, and its debt/asset ratio was 55.98%.