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China Yangtze Power to issue RMB 4 bln bills

Feb. 2, 2012 (China Knowledge) - China Yangtze Power Co<600900>, the country's largest listed hydropower corporation and operator of the massive Three Gorges Dam in Southwest China, said today that it would issue RMB 4 billion in unsecured bills with a maturity of 366 days on the inter-bank market on February 7.

The firm said in a statement that these bills are issued at face value, and the coupon rate to be determined during the process of bookbuilding.

Both value date and payment due date is set at February 8, and the to-be-issued bills are tradable on February 9.
China Chengxin International Credit Rating Co Ltd has rated the bills and the issuer A-1 and AAA, respectively.

China Construction Bank Co<601939><0939> has been hired as lead underwriter for the deal, and Agricultural Bank of China Ltd or ABC<601288><1288> will be joint lead underwriter.

The group will use the proceeds from the offering to repay bank loans.

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