China Railway seeks more time to issue RMB 10 billion corporate bonds

By Marisa Wong

Madison, Wis., April 29 – China Railway Group Ltd. is seeking more time to issue corporate bonds, according to a company announcement.

The company had previously proposed to issue up to RMB 10 billion of corporate bonds in one or more tranches in mainland China.

Shareholders approved the issuance at a general meeting in June 2012. The approval is valid for 36 months, expiring on June 26. The company wants to extend the validity period by one year to June 26, 2016.

Shareholders will vote on the extension at the general meeting to be held May 18.

As originally announced, the proposed bonds will have maturities of no more than 15 years.

Proceeds will be used to supplement working capital, repay loans, improve the company’s debt structure and construct projects.

The construction group is based in Beijing.

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