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Beijing Jingneng Thermal Power to issue RMB 300 mln bills

Mar. 6, 2012 (China Knowledge) - Beijing Jingneng Thermal Power Co<600578> has said it will issue RMB 300 million worth of 365-day unsecured bills on the interbank market on Mar. 8, sources reported.

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 bills tradable on Mar. 12.

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 bills AA and A-1, respectively.

Industrial and Commercial Bank of China<601398><1398> has been assigned as the lead underwriter and bookrunner.

This will be the issuer's first short-term bill this year.

As of to date, the issuer has RMB 300 million in short-term bills.

The issuer had RMB 9.53 billion in total assets with debt/asset ratio of 61.94% at the end of last year.

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