Zhoushan Port Group has raised CNY700 million (USD113 million) by selling a five-year term bond to pay back bank loans and replenish its working capital.
The bond carries a coupon of 4.48% a year and is 3.84 times oversubscribed, a bond filing of the company said.
The company plans to repay CNY364 million in bank loans, which were borrowed from China Merchants Bank, China Minsheng Bank, China CITIC Bank, China Construction Bank, and China Export-Import Bank from 2012-15.
In 2014, the company’s profit excluding one-off items fell 24.5% year on year (y/y) to CNY54.6 million. Its revenue increased 37.1% y/y to CNY1.3 billion in 2014.
Since 2013 the company has expanded into foreign and commodity trade. In 2014, the revenue from trading accounted for 24.9% of its overall revenue. The gross profit margin of the sector stood at 1.2%, up from a gross loss margin of 0.6%.
In April 2014, Zhoushan Port, a subsidiary of Zhoushan Port Group, said it planned to go public on the Shanghai Stock Exchange. The initial public offering has yet to be approved by China Securities Regulatory Commission.
This post was sourced from IHS Maritime 360: View the original article here.
