Zoomlion To Issue $1.5B Bonds In Overseas Market

Date:2011-08-27lile  Text Size:

August 26 -- Changsha Zoomlion Heavy Industry Science and Technology Development’s (000157,1157.HK) overseas subsidiary intends to issue up to $1.5 billion worth of 10 year, fixed-interest bonds through the Singapore Exchange, reports China Business News, citing a company filing. Zoomlion will provide a guarantee for the current issuance.

The firm says that since the bond interest rate of U.S. treasuries has fallen, companies now can obtain more capital with low financing costs by issuing corporation bonds.

Zoomlion’s competitors Sany Heavy Industry (600031) and XCMG Construction Machinery (000425) also released overseas financing plans. Sany Heavy Industry will raise $3.5 billion through an initial public offering (IPO) in Hong Kong Stock Exchange, while XCMG Construction Machinery plans to raise $1.5-2 billion through an IPO on the Hong Kong Stock Exchange.


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