By Yifan Wang

Kweichow Moutai Co. said Wednesday that it plans to issue up to 15.0 billion yuan ($2.21 billion) of corporate bonds to fund the acquisition of a provincial expressway operator.

The bonds' maturity terms won't exceed seven years, while the exact tenor of each tranche will be determined according to market conditions and the issuer's capital needs, said the liquor maker, one of the highest-valued China-listed companies.

The company will issue the bonds to professional investors.

Proceeds will be used for a planned acquisition of state-owned GuiZhou Expressway Group Co., as well as for debt repayment and working-capital needs, Kweichow Moutai said. 



  Write to Yifan Wang at yifan.wang@wsj.com