Rongsheng to issue HK$1bn of bonds

Hong Kong: China’s largest private shipbuilder, China Rongsheng Heavy Industries, has announced that the company plans to issue HK$1bn of convertible bonds due 2016.

The company expects to raise approximately HK$992.5m net proceeds from the bonds issue, with HK$385.2m to will be used for general working capital and HK$607.3m to be used for repayment of medium term bank borrowings of the group.

The board believes that the funds will facilitate the overall development of the group, Rongsheng said in a statement. [10/03/14]

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