Zhejiang Expressway plans up to RMB 5 billion mid-term notes, up to RMB 2 billion commercial paper

By Rebecca Melvin

Concord, N.H., Feb. 25 – Zhejiang Expressway Co. Ltd. is proposing to issue up to RMB 5 billion of mid-term notes and up to RMB 2 billion short-term commercial paper of no more than one year maturity, according to a notice.

The interest rates will be set at prevailing market rates.

The proceeds of both issues are earmarked to repay borrowings, to replenish working capital, for equity investment and to invest in projects consistent with national industrial policies.

The proposed issuance is deemed to help the company improve its financing structure, reduce its cost of capital and lower its finance costs.

Details of the issuance and the timing of a general meeting is expected to be distributed to company shareholders on March 1.

Zhejiang is an infrastructure company based in Hangzhou, China.

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