China Shipping (Group) Co, the parent company of China Shipping Container Lines Co Ltd. and China Shipping Development Co Ltd., said that it will issue RMB 2 billion worth of unsecured medium-term notes with a maturity of seven years on Mar. 23, China Knowledge reported.
The company said in a statement that the notes will be issued at face value, and the coupon rate be determined during the process of book-building.
Both value date and payment due date is Mar. 26, and the to-be-issued notes tradable on Mar. 27.
China Lianhe Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.
Bank of China Ltd. has been hired as bookrunner and lead underwriter for the offering.
Proceeds from the deal will be used to replenish its working capital.