PACIFIC ANDES RESOURCES DEVELOPMENT successfully completed CNY denominated BOND ISSUE
Singapore Exchange Mainboard-listed Pacific Andes Resources Development Limited ("PARD" or the "Group") (SGX: P11.SI), a leading global frozen fish supplier with an integrated supply chain spanning industrial fishing, global sourcing and ocean transportation, today announced that it has successfully completed a 3-year CNY 600 million (approximately US$92.4 million) fixed rate unsecured bonds maturing on 2 June 2014 with an annual coupon of 6.50% (payable semi-annually in arrear), reports www.megafishnet.com with reference to Pacific Andes.
Commenting on the bond issue, Executive Director and Chairman, Mr. Ng Joo Siang said, "We are pleased to see lively demand from investors for the Group's first CNY bond issue and would like to thank the joint lead managers for delivering a deal that met our objectives. The good response and quality of the investors in the bond issue proves that investors have great confidence in PARD. Through this 3-year CNY denominated bond issue, we are able to further diversify our sources of financing and investor base, thereby better positioning the Group to capture opportunities for further growth." The proceeds raised from the bond issue will be used for general corporate purposes, to fund working capital, capital expenditures and strategic acquisitions and investments, as well as to refinance a portion of PARD's existing indebtedness. DBS Bank Ltd, The Hongkong and Shanghai Banking Corporation Limited and Standard Chartered Bank (Hong Kong) Limited acted as the joint lead managers and joint bookrunners for this offering.
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About Pacific Andes Resources Development Limited
Pacific Andes Resources Development Limited ("PARD") is a leading global frozen fish supplier with an integrated supply chain, spanning industrial fishing, global sourcing and ocean transportation. With a strategic focus on the development, marketing and distribution of marine resources, PARD leverages on the People's Republic of China ("PRC") as an ideal logistics and product trading hub, and is currently the PRC's largest supplier of imported frozen fish in respect of the specific species it supplies. Listed on the Singapore Stock Exchange in October 1996, under the symbol P11.SI, PARD is now a component of the FTSE ST Mid Cap Index.