Wan Hai taps bond market

Wan Hai Lines has raised TWD 1.8bn ($60m) from a bond issue, the Taiwanese liner company has confirmed.

The intra-Asia specialist said the two batches of five- and seven-year bonds would have coupons of 1.65% and 1.95% respectively.

“We will use the funds to replenish mid- and long-term working capital and enhance our financial structure,” Wan Hai said.

In June the shipowner applied to the country’s financial watchdog for permission to issue up to TWD 5bn ($167m) in new debt.

In May Wan Hai Lines emerged with the best financial results in the first quarter out of Taiwan’s three major liner outfits.

Results at the smallest of the trio came in above expectations with attributable profit of TWD 660m versus TWD 130m a year ago.

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