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Bulletin: Panva Gas Holdings Ltd. Ratings Unaffected By Potential Share Offering May 07
Standard & Poors, May 2007
Abstract
HONG KONG (Standard & Poor's) May 17, 2007--Standard & Poor's Ratings Services said today that its ratings and outlook on Panva Gas Holdings Ltd. (Panva; BB+/Positive/--), including the 'BB+' issue rating on the company's US$50 million convertible bond due 2008 and US$200 million notes due 2011, are unaffected by the company's recent announcement that it will raise Hong Kong dollar (HK$) 703 million through a share offering. The majority shareholders, Hong Kong & China Gas (China) Ltd. (Towngas), Supreme All Investments Ltd., and Kenson Investment Ltd., will subscribe to maintain its existing ownership. The proceeds from the share offering will be used to reduce debt and for general working capital purposes. Panva has made several positive developments in recent months...
Companies mentioned in this report are: Towngas China Co. Ltd.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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