China's BYD gets OK to issue up to RMB 6 billion of corporate bonds

By Marisa Wong

Madison, Wis., Dec. 28 - BYD Co. Ltd. said that it received approval from the China Securities Regulatory Commission on Dec. 27 to issue up to RMB 6 billion of domestic corporate bonds.

The bonds will be issued in multiple tranches. The principal amount of the first tranche will be at least 50% of the total principal amount of the domestic bonds. The first tranche will be issued within six months, and the other tranches will be issued within 24 months.

The company's board of directors approved the proposed issuance of the bonds in August, and shareholders granted their approval in September.

As previously noted, the bonds will have maturities of no more than 10 years.

Proceeds will be used to adjust the company's debt structure, to repay bank loans and to supplement working capital.

BYD is a Shenzhen, China-based manufacturer of automobiles, handset components and rechargeable batteries.

© 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.