China's Dalian Port board OKs plans for up to RMB 2.5 billion of bonds

By Marisa Wong

Madison, Wis., Jan. 6 - Dalian Port (PDA) Co. Ltd. announced that its board of directors approved a proposed issuance of up to RMB 2.5 billion of domestic corporate bonds on Wednesday.

The bonds will have a maturity of 10 to 20 years and will be issued at par.

The interest rate will be determined according to prevailing market conditions.

The bonds will be offered to institutional and individual investors in China.

Proceeds will be used to adjust debt structure, repay bank loans and contribute to the working capital of the company.

The offering is subject to shareholders' approval at an upcoming extraordinary general meeting.

The Dalian City, China-based company owns and manages the Port of Dalian.

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