It is proposed that the asset-backed notes will be categorised into the senior class and subordinated class.
The senior class notes will account for 80.23% of the proposed issuance and will be sold to qualified investors in China. The subordinated class notes will account for 19.77% and will be subscribed by Cosco Shipping Leasing.
“The proceeds from the proposed issuance will be used for the business development and the repayment of loans of Cosco Shipping Leasing,” CSDC stated.
“The asset-backed notes will have a term of not more than four years and will be backed by the creditor’s rights and collateral interests of Cosco Shipping Leasing pursuant to certain finance leases,” CSDC added.
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