China's Weiqiao Textile plans RMB 9 billion bonds, debt instruments

By Marisa Wong

Madison, Wis., March 27 - Weiqiao Textile Co. Ltd. said it plans to issue up to RMB 6 billion of domestic corporate bonds and up to RMB 3 billion of debt financing instruments.

The corporate bonds will have maturities of 10 years or less.

Proceeds from the corporate bonds will be used to repay bank loans, to replenish working capital and for other purposes. Proceeds from the debt financing instruments will be used to replenish working capital and to finance other funding needs.

The proposed issuances are subject to shareholders' approval at a general meeting to be held on May 13.

The cotton textile company is based in Shandong, China.

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