Hanoi: The Vietnam Shipbuilding Industry Group (Vinashin) has revealed that it has successfully closed a 10-year bond worth $187m. This bond - the largest corporate bond issued by a Vietnamese company, will finance two new shipbuilding facilities in Cam Ranh and Dung Quat in addition to the expansion of Vinashin's plant in Ho Chi Minh City. The bond will also allow the company to invest in steel manufacturing and engine development.
The bond, of which approximately 95% was sold to offshore investors, has Deutsche Bank as its underwriter and Habubank Securities as its depository and payment agent. The bond is reportedly extremely oversubscribed, with investor subscription estimated at $623m.
Vinashin is said to be seeking $3bn more in investment to fund additional expansion projects. [11/05/07]
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