China Resources to meet with investors ahead of planned bond issue
China Resources Cement Holdings Ltd (CRC) is to meet fixed-income investors in Asia and Europe from Monday-Wednesday next week, ahead of a planned five-year dollar bond offering, according to reports by Dow Jones Newswires Friday.
CRC will hold meetings in Hong Kong Monday, Singapore Tuesday and London Wednesday, a source disclosed to Dow Jones.
The bonds will be supported by a standby letter of credit from DBS Bank, the sole global coordinator, the person added.
CRC, a unit of state-owned China Resources Group and one of the largest cement suppliers in southern China, said Friday that it plans to sell Reg S senior dollar bonds. Proceeds will be used for refinancing and general corporate purposes.
Moody's Investor Service has assigned a provisional (P)Aa1 rating to the five-year bonds to be issued.