Sinopec to issue RMB 20 bln in medium-term notes on Jun 26

Published: 23 Jun 2009 22:50:37 PST

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Jun. 24, 2009 (China Knowledge) - Sinopec<600028><0386><SNP>, the largest oil refiner in Asia, on Tuesday announced that it will issue RMB 20 billion in three-year medium-term notes on Jun. 26.

The interest rate will be determined through process of book-building, said the company in a statement.

The notes, this year's second batch, will become tradable on Jun. 30.

The proceeds will be used to replenish the company's working capital, optimize debt structure and trim finance costs.

Industrial and Commercial Bank of China (ICBC)<601398><1398> and China Construction Bank Corp (CCB)<601939><0939> will be the major underwriters of the issuance.

China Lianhe Credit Rating Co Ltd has rated the issuer and notes as AAA and AAA, respectively.

In late March, Sinopec sold RMB 10 billion in three-year medium-term notes.

The oil giant reported a net profit of RMB 11.19 billion in the first quarter of this year, a year-on-year jump of 84.7%, according to an earlier report from China Knowledge.

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