China’s Shandong Chenming proposes issue of up to $1 billion in bonds

By Cady Vishniac

Detroit, Dec. 7 – China’s Shandong Chenming Paper Holdings Ltd.’s board passed a resolution allowing for the issue of up to $1 billion in bonds through subsidiary Meilun (BVI) Ltd. on Friday, according to a market release.

If the company moves forward with the issue, the term will be up to five years.

Proceeds would be used to replace domestic and overseas debts, to purchase raw materials, to replenish working capital and for project construction.

The company intends to seek a listing with the Stock Exchange of Hong Kong Ltd.

Shandong Chenming is a paper mill company headquartered in Weifang, China.

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