China's Chalco announces plans for up to RMB 10 billion of bonds

By Angela McDaniels

Tacoma, Wash., Sept. 2 - Aluminum Corp. of China Ltd. said it plans to issue up to RMB 10 billion of corporate bonds.

The company's board of directors approved the proposed issuance at a meeting on Friday, according to a 6-K filing with the Securities and Exchange Commission.

The bonds may be issued with a single maturity or different maturities, but none of the bonds will have a tenor of more than 10 years.

The company will apply to list the bonds on the Shanghai Stock Exchange.

Proceeds will be used to adjust the debt structure of the company and to supplement working capital, the filing said.

Chalco will seek shareholder approval for the issuance at its 2008 second special general meeting. If received, such approval would expire 36 months after being granted.

The Beijing-based metals manufacturer said the bonds would be issued within 24 months of the date on which it receives regulatory approval for the issuance.

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