China's Dalian Port plans up to RMB 3 billion second domestic bonds

By Marisa Wong

Madison, Wis., May 24 - Dalian Port (PDA) Co. Ltd. announced that its board of directors approved the second phase of domestic corporate bonds to be issued in 2011 with a total principal amount of up to RMB 3 billion.

The company is also proposing to issue up to RMB 1 billion, if denominated in renminbi, or $200 million, if dollar-denominated, of overseas bonds.

The domestic bonds will have a maturity of seven years or less.

Proceeds from the second issue of domestic bonds will be used to adjust the company's debt structure and to contribute to general working capital.

The domestic corporate bonds are subject to the approval of shareholders and the China Securities Regulatory Commission. The overseas bonds are also subject to shareholders approval.

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

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