China Knowledge reported that China COSCO Holdings Co Ltd the largest shipping company in the country plans to issue CNY 4 billion worth of unsecured notes with a maturity of seven years on the interbank market on November 29.

Coupon rate will be determined in the process of book-building. Both value date and payment due date is November 30 and the to be issued notes tradable on December 1.

The issuer said proceeds from the issue will be used to repay bank loans and replenish working capital. China Lianhe Credit Rating Co Ltd has rated the issuer and notes AAA and AAA respectively.

China International Capital Corp has been assigned as the lead underwriter. Bank of China will be the joint lead underwriter.

This will be the issuer's first medium-term note this year.