CSSC Shipping, the financial leasing unit of China State Shipbuilding Corporation (CSSC), has announced a plan to issue two bonds worth a total of $800m.
The company has entered into a subscription agreement with a group of banks and financial institutions including Bank of China, Barclays, CCB International, DBS Bank, Shanghai Pudong Development Bank, CNCB Capital, ICBC International, China Securities International, ABC International, CLSA, China International Capital Corporation and BOCOM International in connection with the issue of two $400m guaranteed bonds due 2025 and 2030 respectively.
The company intends to use the net proceeds primarily to develop its leasing business and refinance its existing indebtedness.
CSSC Shipping listed on the Hong Kong Stock Exchange in June last year, with the IPO falling well short of target.
