By Toni Weeks
San Luis Obispo, Calif., Nov. 11 – Weiqiao Textile Co. Ltd. said it completed the second tranche of domestic corporate bonds on Tuesday, with a final offering size of RMB 3 billion.
The five-year bonds were issued through a public offering and a private placement. The company sold RMB 52.25 million to the public and placed the remaining RMB 2,947,750,000.
The company received approval on July 26, 2013 from the China Securities Regulatory Commission to issue up to RMB 6 billion of corporate bonds in China and issued the first tranche of RMB 3 billion of the bonds on Oct. 25, 2013.
Weiqiao Textile first proposed the domestic corporate bonds in March 2013. 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.
| Issuer: | Weiqiao Textile Co. Ltd.
|
| Issue: | Domestic corporate bonds
|
| Amount: | RMB 3 billion
|
| Maturity: | Five years
|
| Settlement date: | Nov. 11
|
© 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.
