By Yifan Wang
Jiangsu Expressway Co. Ltd. (0177.HK) said it plans to issue as much as 8 billion yuan (US$1.14 billion) worth of corporate bonds.
The bonds' maturity periods will be up to five years, and the company may issue bonds with varying tenures, it said in a stock exchange filing late Monday.
Interest rates will be determined based on market conditions, it said.
The toll road operator plans to use proceeds from the issuance to pay back existing debts and supplement its working capital. It may also use the funds raised on project development, it said.
The fundraising will help to optimize the company's debt structure, expand financing channels and bring down financing costs, Jiangsu Expressway said.
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