China's Zoomlion extends maximum maturity under bond plan to 30 years

By Marisa Wong

Madison, Wis., Feb. 6 - Zoomlion Heavy Industry Science and Technology Co., Ltd. amended its bond issuance proposal, according to a company announcement.

In October 2011 Zoomlion shareholders approved the issuance of overseas bonds through offshore wholly owned subsidiary Zoomlion HK SPV Co., Ltd. The proposed bonds were to have maturities of up to 10 years.

The company said it now intends to issue bonds with maturities of up to 30 years in order to fulfill its long-term requirement for business development in overseas markets and to improve its debt structure.

The amended bond proposal is subject to shareholders approval at an upcoming general meeting.

Under the previous plan, the company issued $400 million of senior notes due 2017 on April 5, 2012 and $600 million of senior notes due 2022 on Dec. 20.

Zoomlion manufactures construction machinery and sanitation equipment and is based in Changsha, China.

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