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China Shipbuilding Industry to issue RMB 10 bln notes

Aug. 13, 2012 (China Knowledge) - China Shipbuilding Industry Corp or CSIC, the parent of China Shipbuilding Industry Co Ltd<601989>, said today that it plans to issue RMB 10 billion worth of unsecured medium-term notes with a maturity of five years on the interbank market on Aug. 16.

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

Both value date and payment due date is on Aug. 17 and the to-be-issued notes tradable on Aug. 20.

Dagong Global Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.
 
China Construction Bank Co<601939><0939> has been hired as book-runner and lead underwriter for the offering, and China International Capital Corp will be joint lead underwriter.

The company plans to use RMB 3 billion of the proceeds to repay bank loans and RMB 7 billion to replenish working capital.

This is the second medium-term notes issued by the company this year.

In the first quarter of this year, the company's net profit was RMB 2.07 billion and its operating revenue was RMB 36.09 billion.







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