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China Three Gorges to issue RMB 7 bln MTN

Mar. 6, 2012 (China Knowledge) - China Three Gorges Corp, a state-owned hydropower enterprise in charge of the most important water project in the country, has announced plans to issue RMB 7 billion worth of unsecured notes with a maturity of seven years on the interbank market on Mar. 8.

Coupon rate will be determined in the process of book-building. Both value date and payment due date is Mar. 9, and the to-be-issued notes tradable on Mar. 10.

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

China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.

CITIC Securities Co<600030>, China's largest securities firm by market value, has been assigned as the lead underwriter and bookrunner. China Merchants Bank<600036><3968> will be the joint lead underwriter.

This will be the issuer's first medium-term note this year.

As of to date, the issuer has RMB 38.5 billion in bonds.

In the first half of last year, the issuer reaped RMB 4.89 billion in net profit, and its operating revenue totaled RMB 12.37 billion in the same period.






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