SHANGHAI, Mar. 10 (SMM) – Shandong Hongqiao New Material Co. raised a total of 1.2 billion yuan ($196 million) to finance two new fabrication projects and to supplement working capital, China Economic Herald reported today.
The company raised the funds by issuing 7-year corporate bonds, with 1.1 billion yuan for an 80,000-tpy production line for aviation-use aluminum foam and a 60,000-tpy line for high-precision aluminum foils used in air conditioners. The rest 100 million yuan would be allocated for additional operation funds of the company, the report added.
China Hongqiao Group Ltd., publicly-traded in Hong Kong, was enlisted to provide full unconditional and irrevocable joint and several liability guarantee, the newspaper cited an unnamed company executive as saying.