衞星石化(002648.SZ)擬發行不超9億元公司債券
格隆匯2月17日丨衞星石化(002648.SZ)發佈2020年面向合格投資者公開發行公司債券(第一期)發行公告，發行規模不超過人民幣9億元(含9億元)。
該債券分為兩個品種，品種一為3年期固定利率品種；品種二為3年期固定利率債券，附第2年末發行人調整票面利率選擇權和投資者回售選擇權。兩個品種間可以進行相互回撥，回撥比例不受限制。由發行人與主承銷商協商一致，決定是否行使品種間回撥權。
詢價區間為品種一5.50%-7.00%，品種二5.00%-6.50%，發行人和簿記管理人將於2020年2月19日向網下投資者進行利率詢價，並根據詢價結果確定本期債券的最終票面利率。發行人和簿記管理人將於2020年2月20日公告本期債券的最終票面利率，敬請投資者關注。
流動負債佔比較高，短期償債壓力較大的風險。2016年末、2017年末、2018年末和2019年9月末，公司負債總額分別約40.67億元、29.73億元、56.91億元和83.27億元，其中流動負債分別為39.03億元、29.29億元、56.38億元和81.70億元，佔當期負債總額的比例分別為95.97%、98.51%、99.06%和98.12%。公司債務規模整體呈波動趨勢，且公司流動負債佔比較高，短期償債壓力較大，可能面臨一定的流動性風險。
經聯合信用評級有限公司綜合評定，發行人本期債券的信用等級為AA+，發行人主體信用等級為AA+。發行人最近一期末的淨資產約89.13億元(截至2019年9月30日合併報表中所有者權益合計)，合併報表口徑的資產負債率為48.30%(母公司口徑資產負債率為23.81%)；發行人最近三個會計年度實現的年均可分配利潤約7.32億元(2016年、2017年及2018年合併報表中歸屬於母公司所有者的淨利潤平均值)，預計不少於本期債券一年利息的1.5倍。
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