PetroChina to issue first tranche of approved bonds within six months

By Marisa Wong

Madison, Wis., Aug. 10 - PetroChina Co. Ltd. said it received approval on Thursday from the China Securities Regulatory Commission to issue up to RMB 40 billion of corporate bonds to the public in China.

PetroChina said it will issue the bonds in multiple tranches, with the first tranche making up at least 50% of the total principal amount to be issued.

The Beijing-based energy firm intends to issue the first tranche within six months. The remaining tranches will be completed within 24 months of the Aug. 9 approval date.

As previously reported, the company is looking to issue up to RMB 100 billion of debt financing instruments. The proposal was approved by shareholders at a meeting held in May 2011. The company announced the planned offering of up to RMB 40 billion corporate bonds in July.

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