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Shandong Energy launches 2B yuan bond offering

Chinese coal producer Shandong Energy Group Co. Ltd. launched a bond offering of 2 billion Chinese yuan on Jan. 13 to repay its bank loans and for general working capital.

The interest rate of the notes has yet to be determined, but the maturity of the bonds was set at three years, according to a Jan. 9 statement.

China Chengxin International Credit Rating Co. Ltd. affirmed an AAA rating for the notes.

Shanghai Pudong Development Bank serves as the lead underwriter and bookrunner for the issuance.

As of Jan. 10, US$1 was equivalent to 6.92 Chinese yuan.