China Sanjiang Fine Chemicals plans RMB 300 million bonds for April

By Marisa Wong

Madison, Wis., April 2 - China Sanjiang Fine Chemicals Co. Ltd. said that wholly owned subsidiary Sanjiang Chemical Co., Ltd. plans to issue up to RMB 700 million of bonds with maturities of one year or less.

The company intends to issue RMB 300 million of the bonds in April.

The proposed issuance has been approved by China's National Association of Financial Market Institutional Investors. The approval is valid for two years.

Proceeds will be used for working capital purposes and to repay bank borrowings.

The company said the bonds will help lower financing costs in the future, which will support its expansion plans.

China Sanjiang manufactures ethylene oxide and surfactants in Zhejiang Province, China.

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