China Shipping to issue up to 5 bln yuan bills

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Monday, 09 February 2009

China Shipping Development Co, a major coal and oil carrier, said on Monday it planned to issue up to 5 billion yuan ($732 million) of bills to help fund ship orders and pay off bank debt. The bills, with a maturity of no more than 10 years, would be issued to institutional investors in the interbank market. The timing, coupon and other details have not been decided.
China Shipping also said it planned to sell a dry bulk carrier which was close to being retired to an affiliate for 11.3 million yuan.
Source: Reuters