China's Dalian Port gets approval for up to RMB 2.65 billion of bonds

By Marisa Wong

Madison, Wis., July 25 - Dalian Port (PDA) Co. Ltd. announced that the China Securities Regulatory Commission approved the company's application to issue up to RMB 2.65 billion of domestic corporate bonds to the public.

This will be Dalian's second phase of domestic corporate bonds issued in 2011. The company had announced in May that its board of directors approved an offering of up to RMB 3 billion of the bonds.

As previously reported, the bonds will have a maturity of seven years or less.

Proceeds will be used to adjust the company's debt structure and to contribute to general working capital.

The Dalian City, China-based company owns and manages the Port of Dalian.

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