15-June-2014
China’s state-owned Guangdong Yudean Shipping is currently offering notes for sale. The objective of Guangdong Yudean Shipping is to raise $48 million by issuing short-term notes of unsecured nature. These notes have a maturity period of 365 days. Guangdong Yudean Shipping intends to list the notes during this week. The rating agency Shanghai Brilliance has assigned an AA rating to Guangdong Yudean Shipping, with the bills receiving an A-1 rating. China Construction Bank is acting as the book runner and lead underwriter for this offering. The proceeds from this sale will be utilized to replenish the working capital of Guangdong Yudean Shipping and repay its outstanding bank loans. It’s worth noting that Guangdong Yudean Shipping, which controls 24 ships, is a subsidiary of the mining and energy behemoth, Guangdong Yudean Group.