Feb. 6, 2012 (China Knowledge) - Huadian Power International Corp<600027
>, China's largest independent power producer, plans to issue RMB 1.5 billion worth of 366-day unsecured bills on the interbank market on February 10, sources reported.
Coupon rate will be determined in the process of book building. Both value date and payment due date will set at February 13, and the to-be-issued bills are tradable on February 14.
Proceeds from the issuance will be used to repay bank loans and replenish working capital, said the issuer.
Dagong Global Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
Industrial and Commercial Bank of China< 601398
>, the world's biggest lender by market value, has been assigned as the lead underwriter.
This will be the issuer's first short-term bills this year.
As of to date, Huadian Power International has RMB 5.4 billion in medium-term notes and RMB 3.5 billion in short-term bills.
As of September 30, 2011, the issuer had RMB 147.7 billion in total assets with debt/asset ratio of 84.36%.