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China Rongsheng bags $317m cash

China Rongsheng bags $317m cash
Hong Kong: China Rongsheng Heavy Industries has bagged RMB2bn ($317.1m) from the issuance of the first tranche of medium-term notes on Saturday.

The notes carry an interest rate of 5.95% a year over a three-year period, China Rongsheng said in a statement to the Hong Kong Stock Exchange.

The proceeds raised are intended to boost working capital and repay some loans, the Chinese shipbuilder said earlier.

A second issue of the notes could raise about RMB3.6bn.