China’s Shandong Chenming Paper eyes RMB 6.5 billion renewable bonds

By Marisa Wong

Morgantown, W.Va., Oct. 16 – Shandong Chenming Paper Holdings Ltd. said it plans to issue up to RMB 6.5 billion of renewable corporate bonds with initial terms of three years.

Proceeds will be used to replace bank borrowings, optimize the company’s debt structure or replenish working capital, according to a company announcement.

The issuance is subject to shareholders’ approval at an upcoming meeting.

The Shandong, China-based paper manufacturer said the approval, if granted, would be valid for 36 months.

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