China’s Sichuan Expressway plans issue of debt financing instruments

By Angela McDaniels

Tacoma, Wash., March 28 – Sichuan Expressway Co. Ltd.’s board of directors approved a proposed issue of debt financing instruments, according to a company announcement.

The issuance could be in the form of medium-term notes, short-term commercial papers, ultra short-term commercial papers or nonpublic issuance of targeted debt financing instruments.

For medium-term notes or short-term commercial paper, the size of the issue is capped at not more than 40% of the group’s latest audited consolidated net asset value, including minority shareholders’ interests. For ultra short-term commercial papers, the maximum size is RMB 2 billion.

The instruments will be offered to institutional investors in the inter-bank bond market in China.

Proceeds will be used for corporate business activities, including financing projects and supplementing production and operation funds.

The issue is subject to shareholder approval at the annual general shareholder meeting, which is expected to be held June 5.

The highway construction and management company is based in Chengdu, China.

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