Hong Kong-listed China International Marine Containers (CIMC) announced on 16 June that the company has completed the issuance of CNY2 billion (USD320 million) in medium-term notes.
This is the company’s first tranche of medium-term notes for 2015, which comes with a coupon rate of 5.19% for the preceding three years of interest calculation.
The notes were issued on 12 June with the par value of CNY100. Interest will be paid once a year and the notes will be redeemed by the issuer at maturity.
China Merchants Bank and China Development Bank are the joint lead underwriters. China Chengxin International Credit Rating has given the note an AAA rating.
Related news:CIMC profit surges 289% in Q1
In May, CIMC won a US anti-dumping probe into Chinese containers. According to the final determination made by the US International Trade Commission, US Customs will not impose anti-dumping or countervailing duties on imports of 53-foot containers from China. The determination is believed to be favourable to the company’s container sales in the United States.
The company is also expected to benefit from the ‘Made in China 2025’ plan, an initiative unveiled by China’s State Council in May to promote manufacturing, including ocean engineering equipment and high-technology ships, according to a report by Haitong Securities. If the oil prices return to USD80/ barrel, CIMC will have more chances of business, the report noted.