Core Viewpoint - Western Cement (02233) has seen a nearly 3% increase in stock price, currently at HKD 3.11, with a trading volume of HKD 22.81 million, following the announcement of a bond issuance [1] Group 1: Bond Issuance - The company and its guarantors have entered into a purchase agreement with CICC, HSBC, and J.P. Morgan for the issuance of USD 400 million senior notes due in 2028, with a coupon rate of 9.90% [1] - The notes will be sold at 99.115% of the principal amount, and the proceeds will be used to repurchase, redeem, or repay existing debts, including a tender offer for the 2026 notes, as well as for working capital [1] Group 2: Financial Outlook - Fitch Ratings anticipates that after the issuance of the USD 400 million bonds, Western Cement will not face significant debt maturities before 2028, which supports its financial flexibility and expected ratings [1] - The company plans to use proceeds from the sale of its Xinjiang assets for debt repayment, specifically targeting the USD 600 million notes maturing in July 2026 [1] - With improvements in EBITDA, moderate capital expenditures, and enhanced financing channels, the company is expected to have over RMB 2 billion in cash available by the end of 2026, up from RMB 1.3 billion in 2024 [1]
港股异动 | 西部水泥(02233)涨近3% 近日拟发行4亿美元优先票据 公司流动性充足