China State Shipbuilding plans 3.7 bln yuan bonds with warrants issue
China State Shipbuilding Co Ltd said its board has approved a plan to issue up to 3.7 bln yuan worth of bonds with warrants.
In a statement filed with the Shanghai Stock Exchange, the company said the bonds will have a duration of five years, and subscribers will receive an unspecified number of call warrants for every bond taken up.
The coupon and the exercise price for warrants will be determined later, it said.
Proceeds of 7.4 bln yuan raised from the bond issue and warrant exercises will be used for eight production or technology upgrade projects, which require total investment of 8.849 bln yuan.
The proposal is subject to approval by shareholders and the securities regulator, the company added.
In a statement filed with the Shanghai Stock Exchange, the company said the bonds will have a duration of five years, and subscribers will receive an unspecified number of call warrants for every bond taken up.
The coupon and the exercise price for warrants will be determined later, it said.
Proceeds of 7.4 bln yuan raised from the bond issue and warrant exercises will be used for eight production or technology upgrade projects, which require total investment of 8.849 bln yuan.
The proposal is subject to approval by shareholders and the securities regulator, the company added.