Evergreen Industries Holding Group, the parent company of Sinopacific Shipbuilding has announced that it will issue RMB400m worth of short-term bonds with a maturity of one year on the interbank market from December 31. China Development Bank will be the main underwriter of the bond.

The group said it will use the raised funds to optimize the group and its subsidiary’s financial situation. RMB280m which is 70% of the funds will be used to repay debts for Sinopacific Shipbuilding, RMB70m and RMB50m will be used to repay debts for the group itself and Sinopacific Offshore respectively.

Sinopacific has received 14 ship orders in the first 9 months of this year including six PSVs, and currently there are 7 vessels under construction at the yard.

Evergreen Industries Holding Group is a multi-sector large scale enterprise, its shipbuilding subsidiaries includes Sinopacific Shipbuilding, Zhejiang Shipbuilding, Zhejiang Dahua Shipbuilding and Dayang Shipbuilding.

Source: Sino Ship News