China Rongsheng Heavy Industries is proposing to raise up to RMB3.6bn ($570m) by way of issuing medium-term notes with fixed interest rates, Seatrade Asia online reports. The Chinese shipbuilder announced on Wednesday a planned three-year notes in two tranches starting with RMB2bn from 28 March.
“Jiangsu Rongsheng Heavy Industries intends to use the proceeds received to fund its general working capital requirements and to repay part of its loans with higher interest rates,” the company said in a statement.
The notes have been given AA rating by China Lianhe Credit Rating Company and the credit outlook is classified as 'stable'.
The notes, expected to be underwritten by Minsheng Bank, “may or may not proceed”, China Rongsheng said.
The Chinese firm on Monday reported 2011 net profit of RMB1.72bn and revenue of RMB15.9bn.
“Jiangsu Rongsheng Heavy Industries intends to use the proceeds received to fund its general working capital requirements and to repay part of its loans with higher interest rates,” the company said in a statement.
The notes have been given AA rating by China Lianhe Credit Rating Company and the credit outlook is classified as 'stable'.
The notes, expected to be underwritten by Minsheng Bank, “may or may not proceed”, China Rongsheng said.
The Chinese firm on Monday reported 2011 net profit of RMB1.72bn and revenue of RMB15.9bn.