China’s Shandong Chenming Paper board OKs up to RMB 2 billion bonds

By Wendy Van Sickle

Columbus, Ohio, March 28 – Shandong Chenming Paper Holdings Ltd. said its board of directors approved on Thursday the issuance of up to RMB 2 billion of bonds, according to a notice.

The term would be no more than five years, and the bonds may be issued in one or more tranches.

The bonds may be issued by the company or its wholly owned overseas subsidiary, Meilun (BVI) Ltd.

The issuance is subject to approval of the company’s shareholders at the May 14 annual general meeting.

Proceeds will be used to, among others, replace domestic and overseas debts, to purchase raw materials, to replenish working capital and for project construction.

The Shandong, China-based company is a manufacturer of paper.

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