China's Giti Tire plans 200 mln usd bond sale - report |
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Published
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Wed, 10 Jan 2007 03:30
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BEIJING (XFN-ASIA) - Giti Tire, the largest tiremaker in China, plans to raise 200 mln usd from its first bond sale, the South China Morning Post reported, citing market sources.The funds will be used for for capital expenditure and possible acquisitions, the report said.The Shanghai-listed company has hired Lehman Brothers and Credit Suisse to arrange the sale of the five-year bonds, the Hong Kong newspaper said. It added that the company will have an option to buy the bonds back from investors after three years.Citing sources, the newspaper said Giti will begin a roadshow in Hong Kong tomorrow to market the paper.The roadshow will then move to Singapore on Friday and end in London next Tuesday, it said.Moody's Investors Service yesterday assigned a 'provisional (P)B3' rating to the proposed bond issue.will.davies@afxasia.com
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