China's Sinopharm to launch up to RMB 5 billion of bonds Wednesday

By Angela McDaniels

Tacoma, Wash., May 3 - Sinopharm Group Co. Ltd. will launch an issue of bonds in China on Wednesday, according to a company news release.

The issue received approval from the board of directors in November. At the time, the company said it planned to price up to RMB 5 billion of medium-term bonds in one or more tranches.

The tenor of the bonds will be five years or less.

The issue received approval from company shareholders in January.

The Beijing-based pharmaceutical company plans to use the proceeds to fund its operational activities, to increase liquidity and to repay bank loans.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.