May. 24, 2012 (China Knowledge) - Shanxi International Electricity Group Co Ltd has announced plans to issue RMB 2 billion unsecured bonds with a maturity of ten years on the interbank market on May 24.

The issuer has option to repurchase the bonds at the fifth year. In the first five years, coupon rate will be 5.38%. Both value date and payment due date is set on May 24.

Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and bonds AA+ and AA+, respectively.

Guosen Securities Co has been assigned as the lead underwriter and bookrunner. Orient Securities Co, Everbright Securities Co Ltd<601788>, Haitong Securities and Ping An Securities will be the joint lead underwriters.

The distributors will include GuoHai securities, China Merchants Securities Co Ltd<600999> and Cinda Securities.

As of Dec. 31, 2012, the issuer had RMB 23.89 billion in total assets and RMB 12.78 billion in total liabilities, with debt/asset ratio of 53.48%.