China National Building Material : to Issue Up to CNY3.0 Billion of Extendible Bonds

By Yifan Wang

China National Building Material Co. said it plans to raise as much as 3.0 billion yuan (US$448.3 million) by issuing extendible corporate bonds.

Two types of bonds will be issued: one with a basic tenure of two years and the other with a basic tenure of three years. At the end of each basic tenure, the firm will have the option of extending the bonds by the same period of time.

The company, China's largest cement producer, said it plans to use the proceeds to repay its interest-bearing debt.

China National Building Material will apply to list the bonds on the Shanghai stock exchange and expects to complete the issuance this week.

Write to Yifan Wang at [e-mail]

(END) Dow Jones Newswires

11-02-20 1919ET