Qingdao container terminal to raise in US$145 million bond sale


QINGDAO Qianwan United Container Terminal (QQUCT) is to issue US$145 million bonds for debt repayments on July 25 in mainland China's inter-bank market since its largest shareholder, Qingdao Port International, went public in Hong Kong in June.

The terminal in Qingdao, on the Yellow Sea Coast of North China, will launch its bonds sale as the first tranche of its CNY1 billion (US$161 million) bond programme which was approved by shareholders in September 2013.

According to a report from London's Lloyd's List, it increased profit to CNY600.6 million drawn on revenue of CNY1.4 billion during the first six months of the year. The terminal's cash reserves stood at CNY356.1 million at end of June.

The terminal is 31 per cent owned by QPI, 29 per cent by DP World, 20 per cent by APM Terminals and 20 per cent by Cosco Pacific. It has a design capacity of 6.5 million TEU from its 11 berths.

The interest rate of the shares will be finalised at bookbinding process by the main underwriter, Bank of Communications.

Source from : shippingazette