The Board of Directors of China Merchants Port Holdings Co., Ltd. announced the successful issuance of US$500 million guaranteed notes with coupon rate of 4% and due by 2027 by its subsidiary company on 25 May 2022. The proceeds will be used to support the daily operation of the Company including repayment of existing loans. The Notes will be listed on the Hong Kong Stock Exchange on 2 June 2022 and are rated Baa1 by Moody's.
The interest rate of this Notes issuance is lower than the secondary market valuation of CMPort's stock dollar notes. It is a rare case of senior dollar note issuance this year that achieved a “negative new issuance premium”. The Notes issuance received enthusiastic response and attracted the participation of many international well-known investors. The final order book exceeded 2.2 billion US dollars and there are 4.4 times over-subscription. The investors covered various industries such as banks, funds, asset management institutions and enterprises and the investment channels covered many regions in Asia and Europe. Investors have a wide coverage and high degree of diversification which fully reflects the high recognition of CMPort by the international capital market. This further broadens the international investor base of China Merchants Port's overseas Notes and will help CMPort to lock-in financing costs in the early stage of the US dollar interest rate hike which will help the Company's quality and efficiency.
2022 is the year that CMPort achieves its strategic goal of “becoming the World's leading comprehensive port service provider.” It is also the 150th anniversary of the establishment of China Merchants Group and the 30th anniversary of CMPort's listing on the Hong Kong Stock Exchange. On the basis of its existing global port network, CMPort will continuously improve the layout of modern port supply chain around the world and take technological innovation as the guide to promote the construction of smart ports and improve the level of terminal intelligence and digitalization in order to improve the terminal's operation capability and create more value for our investors.
Source: CMPort
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