China Knowledge reported that Daqin Railway Co Ltd the operator of the largest coal dedicated railway in China plans to issue up to CNY 10 billion worth of corporate bonds to repay bank loans.

The company said in a statement filed with the Shanghai Stock Exchange that the bonds will have a maturity of up to three years.

Last year, the company borrowed CNY 11.2 billion to fund the acquisition of assets from the Taiyuan Railway Bureau.

Daqin Railwa net profit soared 46%YoY to CNY 10.41 billion in 2010, boosted by increases in both cargo and passenger volume and a rise in cargo freight. The firm operating profit jumped 22.7%YoY to CNY 42 billion last year.

(Sourced from China Knowledge)