China's Dalian Port sets coupon for domestic corporate bonds at 6.05%

By Marisa Wong

Madison, Wis., Sept. 26 - Dalian Port (PDA) Co. Ltd. announced the coupon of its planned domestic corporate bonds. Based on an offline price consultation with institutional investors, the coupon was determined to be 6.05%.

This will be Dalian's second phase of domestic corporate bonds issued in 2011. The company had announced in May that its board of directors approved an offering of up to RMB 3 billion of the bonds. In July the China Securities Regulatory Commission approved an application to issue up to RMB 2.65 billion of the bonds to the public.

Dalian said it will carry out an offline issue to institutional investors from Sept. 26 to Sept. 28.

As previously reported, the bonds will have a maturity of seven years or less.

Proceeds will be used to adjust the company's debt structure and to contribute to general working capital.

The company said it will make further announcements about the proposed bond issue.

The Dalian City, China-based company owns and manages the Port of Dalian.

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