China Zenith Chemical Group (HKG:0362) is looking to issue up to 50 non-convertible bonds with a principal amount of HK$1 million each to raise proceeds of up to HK$50 million, according to a Feb. 21 Hong Kong bourse filing.

The proposed bonds will carry an interest rate of 10% per annum and will fall due one year after issuance.

The chemical company will use proceeds from the issue to repay debt and for general working capital.