China’s Red Star Macalline eyes up to RMB 5 billion renewable bonds

By Marisa Wong

Morgantown, W.Va., May 17 – Red Star Macalline Group Corp. Ltd. is proposing to issue up to RMB 5 billion of renewable corporate bonds with maturities of up to 10 years, according to a company announcement.

The bonds would be sold at par.

Proceeds would be used to adjust the company’s debt structure, to repay bank loans, to replenish working capital, for project construction and for other corporate operating activities.

The proposed issuance is subject to shareholders’ approval at an upcoming meeting.

Based in Hong Kong, Red Star Macalline is principally engaged in operating and managing home improvement and furnishings shopping malls.

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