MaritimeNews ® 13-Фев-2018 16:40
Image Courtesy: Pixabay
China-based Cosco Shipping Leasing is looking to raise CNY 2.02 billion (USD 318.2 million) through the issuance of asset-backed securities.
The company plans to use the proceeds from the proposed issuance to repay its loans.
The securities, which will be listed on the Shanghai Stock Exchange, will be divided into senior and subordinated classes, according to a release by the company’s parent, Hong Kong-listed Cosco Shipping Development.
The senior classes would be in the principal amount of not more than CNY 1.86 billion, which will account for 92.04% of the proposed issuance and will be issued to qualified investors in the PRC, while the subordinated class would be in the principal amount of not more than CNY 161.1 million, or around 7.96% of the proposed issuance and will be subscribed by Cosco Shipping Leasing.
The securities will have a term of not more than four years and will be backed by the creditor’s rights and collateral interests of Cosco Shipping Leasing pursuant to certain finance leases.
The completion of the issuance is subject to, among other things, the obtaining of the no objection letter to be issued by the Shanghai Stock Exchange.
-Source: worldmaritimenews.com
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