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China State Shipping Corp to issue RMB 6 bln notes

Jun. 12, 2012 (China Knowledge) – China State Shipbuilding Corp, the largest shipbuilder in the country and also the parent company of Shanghai-listed China State Shipbuilding Co Ltd<600150>, announced its plan to issue RMB 6 billion worth of medium-term notes with a maturity of ten years on the interbank market on Jun. 19.

According to a statement, the company said that the notes will be issued at the face value, and the coupon rate will be determined in the process of book-building.

Both value date and payment due date is set on Jun. 20 and the to-be-issued notes tradable Jun. 21.

RMB 4 billion of the proceeds will be used to repay bank loans and the remaining RMB 2 billion will be used to replenish working capital, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and the bills AAA and AAA, respectively.

China Everbright Bank Co Ltd<601818> and CITIC Securities Co<600030> will be the joint lead underwriter for the offering.

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