China COSCO Holdings Co Ltd, the largest shipping company in the country, today announced that it will issue RMB 5 billion in ten-year notes on the interbank market on Sep. 3, sources reported.
The company said in a statement that this batch of notes will be issued at face value and the coupon rate. The notes will become tradable on Sep. 7, 2010.
50% of the proceeds from the issue will be used to pay back bank loans and the remaining 50% will be used to replenish working capital, according to the firm. China Lianhe International Credit Rating Co Ltd has rated the notes and the issuer as AAA and AAA, respectively.
The company said in a statement that this batch of notes will be issued at face value and the coupon rate. The notes will become tradable on Sep. 7, 2010.
50% of the proceeds from the issue will be used to pay back bank loans and the remaining 50% will be used to replenish working capital, according to the firm. China Lianhe International Credit Rating Co Ltd has rated the notes and the issuer as AAA and AAA, respectively.