CP Pokphand considers FRN for US$100m
C P POKPHAND says it is considering a floating-rate note issue to raise US$100 million to be offered to professional and institutional international investors.
The notes will have a five-year term and will not be convertible into any securities of the company or its subsidiaries.
At September 30, 1994, the company's total short-term debts were US$140.53 million, adjusted to $119.40 million to take into account the proposed issue.
Total long-term debts were $222.13 million, adjusted to $294.46 million.
Total capitalisation was $620.84 million, adjusted to $672.03 million.
The company's unaudited profits attributable to shareholders for the nine months to September 30, 1994, were $32.11 million, down from $37.12 million for the same period of 1993.
Net asset value per share also dropped, from 12.86 to 12.14 cents.
C P Pokphand has appointed B T Asia to arrange the issue.