COSCO shores up working capital

Hong Kong: China COSCO Holdings Co Ltd, the largest shipping company in the country, has announced that it will issue RMB 5 billion in ten-year notes on the interbank market tomorrow. The company said in a statement that this batch of notes will be issued at face value and the coupon rate. The notes will become tradable on September 7, 2010. 50% of the proceeds from the issue will be used to pay back bank loans and the remaining 50% will be used to replenish working capital, according to the firm. China Lianhe International Credit Rating Co Ltd has rated the notes and the issuer as AAA and AAA, respectively. [02/09/10]