China International Marine Containers (CIMC), the world's largest manufacturer of shipping containers, is looking to the U.S. market to raise additional funds.
In a notice posted on the Website of the Hong Kong Stock Exchange, CIMC said its Hong Kong subsidiary has signed an agreement with Bank of China and Bank of America Merrill Lynch
to sell $600 million in three-year commercial paper in the United States.
The company said the New York branch of Bank of China will be the bank issuing a letter of credit and the Bank of America Merrill Lynch will be the arranger, depository and dealer. The purpose of the proposed issuance of commercial paper is to adjust the debt structure of the group.
In November, Reuters
reported CIMC delisted from what it called "China's ailing B-share market" in preparation for relisting in Hong Kong. Reuters
described the B-share market as "a once-vibrant market that is now an illiquid
and speculative backwater."
The company's shares were listed in Hong Kong on Dec. 19
. - Chris Dupin