MTL(SH:600683) Mei Ri Jing Ji Xin Wen·2025-06-11 08:13Core Viewpoint - The company, Beijing Investment Development, has signed a perpetual bond investment contract with Zhongyuan Trust, raising up to 3 billion yuan to repay existing project debts, with an initial interest rate of 2.9% [2][5]. Financing Details - The perpetual bond investment amount is capped at 3 billion yuan, with no fixed term for repayment [2]. - The initial interest rate is set at 2.9%, which will be adjusted every two years after the first five years, with a maximum rate of 9% [2][11]. - The first tranche of financing, amounting to 810 million yuan, has already been received [5]. Financial Performance - In Q1 2023, the company reported total revenue of approximately 254 million yuan, a year-on-year decrease of 1.01% [5]. - The net loss attributable to shareholders was approximately 1.49 billion yuan, compared to a loss of 753.9 million yuan in the same period last year [5]. - The net loss, after excluding the interest from the perpetual financing product, was about 2.29 billion yuan [5]. Previous Issuances - This is not the first issuance of perpetual bonds by the company; it previously issued bonds totaling 6 billion yuan in collaboration with various trusts [6][9]. - The company has a total of 6 billion yuan in perpetual bonds, with previous issuances having higher initial interest rates of 4.79% and 5.89% [11][12]. Use of Proceeds - The proceeds from the current financing will be used primarily to repay existing project debts, indicating a shift from funding new projects to refinancing [12]. - The company aims to enhance cash flow stability and optimize its capital structure through this financing [12].