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China Shipping Development to issue RMB 2.5 bln bonds

Aug. 1, 2012 (China Knowledge) - China Shipping Development Co Ltd<600026><1138>, the largest carrier of crude oil in mainland China, announced today that it plans to issue RMB 2.5 billion of secured bonds from Aug. 3 to Aug. 7.

The company said in a statement that the bonds, which is part of its RMB 5-billion bond issue plan, comprise RMB 10-billion in three-year fixed-rate bonds and RMB 1.5 billion in ten-year bonds. The bonds have been rated AAA.

The coupon rate of the three-year bonds will be set between 3.7% and 4.2%, and that of the ten-year bonds will be between 4.6% and 5.1%.

Proceeds from the offering will be used to replenish the company's working capital to fund capacity expansion.

China Shipping Development suffered a loss of RMB 320.74 million in the first quarter of this year. Core business revenue fell 8.21% YoY to RMB 2.74 billion in the quarter.

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