Geely To Raise $153.8M In Bond Sale

Geely Automobile is seeking to raise $153.8 million through a corporate bond sale.

Geely Automobile is seeking to raise $153.8 million through a corporate bond sale, ChinaDaily reports, citing Chinanews.com. The Chinese automobile firm intends to use the proceeds to pay back bank loans and boost working capital. The company’s liabilities stand at $11.019 billion, collected from $2.483 billion in 2009 and $742 million in 2008. Geely now faces a leverage of 73.4%, whereas the average leverage for auto companies should be around 60%.

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