China Eastern Airlines, the country's second largest carrier by passenger numbers, plans to issue up to 8.8 billion yuan ($1.39 billion) in corporate bonds.

The bonds will have a maturity of up to 10 years. The proceeds will be used to purchase aircraft, replace bank loans, optimize financing and replenish operating capital, according to a company statement on June 13.

China Eastern Airlines aims to reduce its debt-to-asset ratio to below 70 percent by the end of 2015 from its current 80.27 percent, said Liu Shaoyong, chairman of the company.

China Eastern Airlines is not the only Chinese carrier searching for capital, as many airline companies are determined to increase their fleet size despite the sluggish world economic recovery. On June 11, China Southern Airlines, the country's largest carrier, said it would raise up to 2 billion yuan ($316.4 million) to repay bank loans.