Anhui Conch Cement plans to issue CNY9.5bn worth of corporate bonds, including CNY5bn (US$768m) of five-year bonds and CNY4.5bn worth of seven-year bonds, reports stcn.com, citing a company filing.
The coupon rate of the five-year bonds will be 4.8-5.3 per cent while that of the seven-year bonds will be 5-5.5 per cent.
The seven-year bonds will be offered only to institutional investors. Fifty per cent of the total funds to be raised will be used to repay bank loans and to restructure the company’s debt. The remainder will be used to replenish working capital.