China Railway Construction Arm Proposes Bond Issue to Pay Debt, Boost Working Capital

MT Newswires Live09-11

China Railway Construction's (HKG:1186, SHA:601186) subsidiary CRCC Huayuan proposed to issue Chinese yuan-denominated guaranteed bonds to repay debt and working capital for its overseas construction projects, a Wednesday filing with the Hong Kong bourse said.

The company plans to list the bonds on the Hong Kong Stock Exchange and offer them only to non-US persons outside the US.

Further, CRCC Huayuan intends to run a series of roadshow presentations for the offering on or around Sept. 12 to institutional investors.

The proposed issuance has Huatai International, ICBC, DBS Bank, and Agricultural Bank of China as its joint global coordinators.

The above along with the Bank of China (Hong Kong), Bank of Communications, China Construction Bank (Asia), China CITIC Bank International, and CMB International will act as the joint lead managers and book runners.

The company's shares were down nearly 2% on Wednesday's close.

Price (HKD): $4.24, Change: $-0.070, Percent Change: -1.62%

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