China’s Shandong Chenming Paper eyes $1 billion dollar bonds

By Marisa Wong

Morgantown, W.Va., Jan. 2 – Shandong Chenming Paper Holdings Ltd. said it plans to issue up to $1 billion of dollar-denominated bonds with a term of up to five years.

The bonds will be issued through a new overseas BVI wholly owned subsidiary set up by wholly owned subsidiary Shandong Chenming Paper Sales Co. Ltd.

Proceeds will be used to repay bank borrowings and 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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