China Oilfield Services Limited announced that its wholly-owned subsidiary, COSL Finance BVI Limited, has successfully completed a USD 1 billion 10-year senior notes issue. This offshore notes issue was guaranteed by COSL.
The issue price of the notes will be 99.341% of its principal amount, with an interest rate of 3.25% per annum. According to information from BOCI International and Citigroup, this interest rate is the lowest among US dollar denominated notes of similar maturities issued by non-banking corporate issuers originated in China . The Group intends to apply the proceeds from this notes issue for general corporate usage, including, but not limited to, settling fix assets investment expenses.
Press Release, September 02, 2012