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On 23 September, the Company announced that the “US$200 million 8.25% guaranteed senior notes due 2011” have been matured and fully repaid. These notes have been refinanced by medium term HKD bank loans of 5 and 3 years tenor. The interest cost of these medium term HKD bank loans is substantially lower than the matured senior notes.
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The Group acquired another city-gas project at Bowang New District of Maanshan City, Anhui Province in the third quarter. Total investment of the project amounts to RMB160 million. The expected total gas sales from the project in five years will be 35 million cubic metres.
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In July, the Group acquired a piped gas project in Miluo City, Hunan Province, being the Group’s first project in Hunan’s piped gas market. The project’s operation covers the Miluo City Urban Planning District and the Miluo Cyclic Economy Industrial Park, a provincial-level industrial park accommodating enterprises mainly engaged in the processing of recycled copper, aluminium, stainless steel and plastics. With the local government’s relevant environmental protection and tax concession policies, which are driving strong growth in natural gas consumption, the project is expected to reach usage of 170 million cubic metres in 5 years’ time.
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On 6 April, the credit rating of the Company has been upgraded by Moody’s Investor Service (Moody’s) from Baa3 to Baa2 for the issuer and senior unsecured bond ratings. The rating outlook is considered to be stable by Moody’s. The latest rating reflects the credit strength of the Company has continued to improve.
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The Group acquired two new projects operating in Xiushui County and Wuning Industrial Park of Jiujiang City, Jiangxi Province, early this year. The expected total gas sales from the two projects in five years will be 150 million cubic metres. As such, the Group’s investment in five projects in Jiangxi Province has facilitated its further penetration in the province and established solid foundations for its development in 2011.
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