CSSC to issue RMB6bn worth of bonds

Shanghai: China State Shipbuilding Corp plans to issue RMB6bn worth of medium term notes with a maturity of ten years on the interbank market on June 19.
According to a statement, the company said that the notes will be issued at the face value and the coupon rate will be determined in the process of book-building. Both value date and payment due date is set on June 20 and the to-be-issued notes tradable June 21.
The issuer said RMB4bn of the proceeds will be used to repay bank loans and the remaining RMB2bn will be used to replenish working capital.
China Lianhe Credit Rating Co Ltd has rated the issuer and the bills AAA and AAA respectively.

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