Vinalines Places Bonds for USD 52 million

million) bonds in the domestic markets for vessel acquisitions and new project development. The three year senior unsecured bonds carry an annual coupon rate of 14.5% in the first year, and floating coupon rates in the second and third years, to be computed based on the average 12-month deposit rate plus 3.5% per annum. We understand that domestic banks and investment funds were the primary buyers of these bonds and Standard Chartered Bank was the sole arranger and book runner for the bond issue.

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