China’s Zhejiang Kasen plans RMB 222 million exchangeable bonds

By Marisa Wong

Madison, Wis., Dec. 24 – Kasen International Holdings Ltd. said its wholly owned subsidiary, Zhejiang Kasen Industrial Group Co., Ltd., is proposing to issue up to RMB 222 million of exchangeable bonds on Dec. 29.

The coupon is expected to be fixed at 7.5%.

The two-year bonds will be exchangeable for a portion of the Haining Leather Market Co., Ltd. shares currently held by Zhejiang Kasen.

Proceeds will be used for investments in operating assets and to supplement general working capital.

Zhong De Securities Co., Ltd. will be the underwriter.

Based in Haining City, Zhejiang, China, Kasen manufactures and sells upholstered furniture.

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