Sinopec issues Rmb23 billion in CBs

    March 17, 2011 | BY

    Candice Mak

    China Petroleum & Chemical Corporation (Sinopec) has issued Rmb23 billion worth of convertible bonds (CBs). These CBs have a maturity of six years…

    China Petroleum & Chemical Corporation (Sinopec) has issued Rmb23 billion worth of convertible bonds (CBs). These CBs have a maturity of six years and will be convertible into A-share stocks six months from the issue date, which was February 23. Sinopec intends to use the proceeds to fund the construction of gas pipelines.

    The China Securities Regulatory Commission approved the sale and amounts of the bonds last year. The project sponsor and one of the underwriters was Goldman Sachs Gao Hua Securities Company. Other underwriters include China International Capital Corporation, Citic Securities Company, UBS Securities Company, Credit Suisse Founder Securities and Guotai Junan Securities Corporation.

    A Guantao Law Firm team, led by Sun Dongfeng, Liu Rong, Nie Rui and Dong Jianjin advised the underwriters. Haiwen & Partners acted for the Sinopec.

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