China's Weiqiao Textile gets OK for up to RMB 6 billion domestic bonds

By Marisa Wong

Madison, Wis., July 29 - Weiqiao Textile Co. Ltd. said it received approval on July 26 from the China Securities Regulatory Commission to issue up to RMB 6 billion of corporate bonds in China.

Weiqiao Textile first proposed the domestic corporate bonds in March. At the time, the company said it planned to offer up to RMB 6 billion of domestic corporate bonds and up to RMB 3 billion of debt financing instruments.

The corporate bonds are to have maturities of 10 years or less, as previously announced.

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.

Shareholders approved the proposed debt at an annual general meeting held in May.

The Shandong, China-based cotton textile company said it will make further announcements about the issue of the corporate bonds.

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