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Yang Ming in $157m bond issue

Yang Ming in $157m bond issue

Taipei: The board of directors of Yang Ming Marine has approved the issue of bonds of up to NT$5 billion (US$157m), reports the Alphaliner Newsletter. The proceeds are to be used to re-finance domestic bonds due in 2011. The bonds will be issued for a period of up to 5 years. The coupon rate, maturity and the closing date is to be announced later.

Yang Ming had a total of NT$16.5 billion of long term bonds outstanding as at Sep 2009 with about NT$8.08 billion due to be repaid in 2011.

The company had also disposed in December one 8,236 teu vessel, the YM UTOPIA for NT$3.1 billion (US$97.5m) on a sale and leaseback deal with SinoPac Leasing.  [12/01/10]