China International Marine Containers, the world’s largest container manufacturer, has raised CNY 2bn ($290m) from the sale of perpetual bonds to strengthen its balance sheet.
The Shenzhen - and Hong Kong-listed company has pegged the coupon rate for the non-guaranteed bonds at 4.85%, according to an exchange filing.
The issue is the first batch of CIMC’s CNY 12bn bond programme, which received regulatory approval in mid-November.
CIMC said the funds would be used to replenish its cash reserves and repay debts.
The company, whose main shareholders are China Cosco Shipping and China Merchants Group, posted net profit of CNY 2.32bn on revenue of CNY 66.9bn in the first nine months of this year.
As of end-September 2018, CIMC held cash reserves of CNY 11.2bn.
During January-September 2017, the company recorded net profit of CNY 1.31bn on revenue of CNY 54bn.
