Stocks News
- China Shipping to issue convertible bonds
Date: 28-Jun-2007 Sources: (Shenzhen Daily)
CHINA Shipping Development Co. said yesterday it would offer 2 billion yuan (US$263 million) of A-share convertible bonds next week to fund the purchase of some of its parent group's assets.
The coupon on the five-year bond will range between 1.84 and 2.70 percent, depending on the time to maturity, the company said in a statement. Holders of China Shipping's A shares are eligible to buy 0.9 yuan worth of the bond for each share held. The bonds will be convertible between next Jan. 2 and July 1, 2012, at an exercise price based on a reference level of 25.31 yuan. China Shipping's shares closed at 22.39 yuan Tuesday.
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