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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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COSCO Pacific Limited prices US$300 million of 10-Year bonds

Date:2003-09-30     Publish:本站

Hong Kong, September 30, 2003 - COSCO Pacific Limited ("COSCO Pacific" or the "Company") announces that the Company has successfully priced a US$300 million 10-year Bonds offering (the "Bonds" or the "Offering") on September 26, 2003. The Bonds were issued by COSCO Pacific Finance (2003) Company Limited and guaranteed by COSCO Pacific. The Bonds were priced at 185 basis points over the benchmark 10-year U.S. Treasury to yield 5.96%. The Bonds were not rated and were being offered outside the United States in accordance with Regulation S under the U.S. Securities Act of 1933. This Offering represents the Company's first international bond market transaction since its listing in 1994.

The transaction was broadly distributed with allocation geographically split across Hong Kong (34%), China offshore (19%), Singapore and rest of Asia (27%), and Europe (20%). By investor type, asset managers (37%), banks (27%), corporates (12%), private banks (10%), while insurance and others (14%) comprised the balance.

Commenting on the Offering, Captain WEI Jiafu, President of COSCO Group and Chairman of COSCO Pacific, stated that "We are very pleased that COSCO Pacific has been able to raise cost-effective and long term funding in the international markets. The overwhelming response from investors highlights their strong interest in our Company and strategy going forward."

Mr. SUN Jiakang, Managing Director of COSCO Pacific, added that "As a global operator in shipping related industry, we are particularly pleased to note this successful issuance has diversified the Company's funding sources, extended its debt maturity profile and broadened its international investor base."

Proceeds from the Offering will be applied to finance its new port acquisitions, refinance of existing debt and for general corporate purposes.

COSCO Pacific is one of the world's leading shipping-related companies, focusing on container leasing, container terminal operations and logistics services. It is the flagship company of COSCO Group, the largest shipping conglomerate in China.

ABN AMRO, Citigroup, and Goldman Sachs acted as Joint Bookrunners for the Offering.