China Knowledge reported that XCMG Construction Machinery Co Ltd one of the leading construction machinery makers in China has received approval from the China Securities Regulatory Commission to issue up to CNY 5.6 billion in corporate bonds.

The company said in a statement that the bonds will be issued in installments. It will issue up to CNY 2.8 billion of bonds in the first tranche within six months after getting regulatory approval and the issue of the remaining bonds will be completed within 24 months after the approval.

XCMG Construction Machinery said earlier that the bonds will have a maturity of less than ten years and that proceeds from the deal will be used to replenish the company working capital and repay bank loans.

Source:cmbol.com