China's AVIC International proposes up to RMB 2 billion debentures

By Marisa Wong

Madison, Wis., June 25 - AVIC International Holdings Ltd. announced it plans to issue up to RMB 2 billion of debentures in China.

The debentures will have a term of no more than five years.

Proceeds will be used to replenish working capital, satisfy capital expenditure or repay existing debt.

The company said its board of directors approved the issuance on Tuesday.

The bonds are subject to shareholders approval at an extraordinary general meeting to be held on Aug. 20. If granted, the approval would be valid for 12 months.

AVIC International, formerly Catic Shenzhen Holdings Ltd., is a Hong Kong-based investment holding company. It is the non-aeronautical branch of Aviation Industry Corp. of China and has businesses in high-tech manufacturing, real estate development, property management, hotel management, retail, import and export trade and resources development.

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