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Hainan Airlines plans 3 billion yuan bond issue

Thu May 8, 2008 9:51pm EDT

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SHANGHAI, May 9 (Reuters) - Hainan Airlines Co (600221.SS), China's fourth-largest air carrier, said on Friday that it planned to issue up to 3 billion yuan ($429 million) in five- and 10-year corporate bonds to pay back bank debt and supplement working capital.

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Hainan Airlines (900945.SS) also planned to pay 515 million yuan in cash to buy a 6.44 percent stake in Shenzhen Financial Leasing Co, China's biggest financial leasing company which focuses on aircraft leasing business.

The moves need the approval of shareholders and regulators, Hainan Airlines said in a statement published in the official Shanghai Securities News. ($1 = 7.00 Yuan) (Reporting by Andrew Torchia; Editing by Anne Marie Roantree)

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