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Sinopec, Shanghai Port complete convertible bond offers

Sinopec, Shanghai Port complete convertible bond offers

Shanghai: Sinopec Corp , Asia's top oil refiner, and Shanghai International Port (Group) Co , operator of the world's busiest port, said on Monday they have completed their domestic convertible bond offers.
Sinopec , or China Petroleum & Chemical Corp, said it had raised 30 billion yuan ($4.2 billion) from the sale and that the bond carried a coupon of 0.8 percent.
The issue drew strong demand from domestic retail and institutional investors, said the company, which plans to use the proceeds from the six-year bonds to fund its natural gas and petrochemical projects.
Shanghai Port said it raised 2.45 billion yuan from the issue of convertible bonds, carrying an interest rate of 0.6 percent.
It was unclear why the amount of the proceeds Shanghai Port raised was lower than its previous target of 3 billion yuan. The company had said in August that it planned to issue up to 3 billion yuan in three-year convertibles to fund port projects.
Proceeds would be used to fund two port expansion projects estimated to cost a total of 4.82 billion yuan, the company has said, adding that the funding shortfall would be met by internal resources and bank loans.
Both Sinopec and Shanghai Port said their bonds would be listed but did not say when. [25/02/08]

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