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SINOPEC CORP Major Shareholder Issues 7-yr Exchangeable Bonds w/ 0.75% Coupon Rate
Recommend 21 Positive 38 Negative 10 |
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SINOPEC CORP (00386.HK) has received a notification from Sinopec Group, the controlling shareholder of the Company, that Deep Development 2025 Limited, a wholly-owned offshore subsidiary of Sinopec Group, as the issuer, and Sinopec Group as the guarantor, will issue exchangeable bonds in Hong Kong, with H shares of the Company held by Sinopec Century Bright Capital Investment Limited, a wholly-owned offshore subsidiary of Sinopec Group, as the underlying shares, according to SINOPEC CORP's announcement. The bonds have a seven-year term, with an initial exchange price of $6 and a coupon rate of 0.75%. The aggregate principal amount was $7.75 billion, and the funds are expected to be used for refinancing existing medium and long-term offshore indebtedness. The book-building and pricing of the exchangeable bonds issuance has been completed, and settlement has not yet been completed. AASTOCKS Financial News Website: www.aastocks.com |
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