Friday, December 26, 2008

China Changjiang National Shipping to issue short-term bonds

China Changjiang National Shipping Corp (CSC Group) announced on Tuesday it will issue RMB 4 million short-term bonds with a maturity of 365 days on the interbank market on Dec. 30, market sources reported.

The company said in a statement that this batch of bonds will be issued at the face value and the yield will be determined in the process of book building.

Both value date and payment due date will start from Dec. 31, and the proceeds from the issuance will be used to replenish working capital, optimize financial structure and reduce financing cost, according to the company.

China Lianhe Credit Rating Co Ltd has rated the issuer and the bonds AA and A-1 respectively.

China CITIC Bank<601998><998> has been assigned as major underwriter for the issuance.

Separately, China's State-owned Asset Supervision and Administration Commission (SASAC) has approved the merger plan between China National Foreign Trade Transportation (Group) Corp (Sinotrans Group) and CSC Group, China Knowledge reported earlier.

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