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Hainan Mining to raise US$300M for liquidity, debt repayments

Chinese iron ore producer Hainan Mining Co. Ltd. said May 25 that it plans to raise up to US$300 million through a debt issuance in an overseas capital market to improve liquidity and to repay debt.

The notes will be issued via one or several tranches by its Hong Kong-based, wholly-owned subsidiary Xinmei (BVI) Ltd. and maturity will be no more than five years. Interest rate will be subject to market conditions.

The company expected to list the notes on an exchange in Hong Kong or Singapore.