China CO ironing board cover SCO to issue up to RMB 10 bln medium-term notes
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China COSCO to issue up to RMB 10 bln medium-term notesPublished: 26 Dec 2008 01:12:39 PSTDec. 24, 2008 (China Knowledge) – China COSCO Co Ltd (COSCO)<601919><1919>, the largest dry-bulk ship operator in the world, plans to issue up to RMB 10 billion medium-term notes on the interbank market, sources reported. The company said in a statement filed with the Shanghai Stock Exchange that the maturity of the notes would not exceed 10 years. Proceeds from the bond issue will be used to replenish working capital and repay bank loans, according to the company.The plan is still subject to approval from the board of directors, China COSCO added, without elaborating. The world’s second largest integrated shipping company last Monday warned investors that its potential losses in freight-forwarding agreements had extended to RMB 3.95 billion on Dec. 12 from RMB 440 million on Sep. 30 fueled by a drastic fall in global freight rates. Copyright © 2008 http://www.chinaknowledge.comSend feedback or comments to: news@chinaknowledge.comFor more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: To access our page on Bloomberg, type CKFI Related TopicsChina News弹簧 lithium battery solid wood kitchen cabinets tera rmt 浙江旅游