Sinopharm Group to Float $1.3 Billion in Bonds

by Richard Daverman, Editor

June 11, 2012 -- Sinopharm, the largest distributor of pharmaceutical products in China, will issue 8 billion RMB ($1.3 billion) of corporate bonds. The company says the offering, which will be used to pay down bank loans, will have the effect of lowering its effective interest rate. The money will also be used for working capital, but M&A was not included as a stated purpose for the funds. More details....

Stock Symbol: (HK: 1099)