Shandong Chenming Paper Holdings plans to raise $1bn through the issue of bonds.

The nominal coupon rate of the bonds will be determined based on the level of market interest rate and other factors. The bonds will have a maximum maturity rate of five years.

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“The divesture is a part of Huhtamaki’s strategy to consolidate its packaging operations in South China and to improve its competitiveness.”

A Chinese paper-making and power generation company, Shandong proposes to use the funds for repayment of bank loans and towards working capital.

Chinese packaging firm Huhtamaki has sold one of its manufacturing facilities located in Shandong to local investment company Guangzhou Yashao for €14m ($16.6m).

The divesture is a part of Huhtamaki’s strategy to consolidate its packaging operations in South China and to improve its competitiveness.

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