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Tuesday, October 17 2017 @ 01:01 PM AST

China oil & gas company raises US$775 million in Cayman

Hong Kong- and New York-listed CNOOC Limited, China’s largest producer of offshore crude oil and natural gas, a major subsidiary of China National Offshore Oil Corporation issued the bonds in 2015.

Yesterday, CNOOC announced "Interest shall continue to accrue on the Principal Amount at a rate equivalent to US$ 6m LIBOR as at 28 July 2017 plus 2.75%, being the rate of 4.20500% per annum (expressed on the basis of a year of 360 days)"

"Such interest shall accrue on a daily basis and be paid on the first Banking Day of each February and August, with the first payment on 1 February 2018 (a "Banking Day" meaning any day (other than a Saturday, Sunday or statutory holiday) on which the banks are open for general business in the United States).

"The bonds mature and the principal amount shall be repaid on or before January 12, 2020."

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